Eidl Loan Forgiveness For Sole Proprietor In Queens

• Category: Small Business - Loans and Lending
• State: Multi-State
• County: Queens
• Control #: US-00193
• Format: Word; Rich Text

Description

The document titled "Assumption Agreement" is designed for entities engaging in a financial transaction related to the EIDL (Economic Injury Disaster Loan) loan forgiveness for sole proprietors in Queens. This form allows a third party, referred to as the Assumptor, to assume the existing debt of the Borrower with the Small Business Administration (SBA). Key features of the form include the explicit acknowledgment by the Assumptor of the responsibility for the Borrower's obligations under the loan, along with clauses that ensure the Borrower remains liable for the debts even after the assumption is made. Filling and editing instructions emphasize accuracy, as users must indicate specific amounts, dates, and the identities of parties involved. This form is particularly relevant for attorneys, partners, owners, associates, paralegals, and legal assistants who support sole proprietors navigating SBA loans. It provides a mechanism to facilitate the transfer of financial responsibilities in compliance with SBA requirements, aiding sole proprietors in maintaining cash flow despite debt. Legal professionals can use this form to guide clients through the assumption process, ensuring all terms are clearly outlined and responsibilities understood.