Sba Ppp Loan Agreement Form In Riverside

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

Description

The Sba ppp loan agreement form in Riverside is designed to facilitate the assumption of obligations under a Paycheck Protection Program (PPP) loan. This form is particularly important for businesses looking to transfer their loan obligations from the original borrower to another party, referred to as the Assumptor. It outlines the commitment of the Assumptor to take on the responsibility for the loan payments and meet all terms established by the Small Business Administration (SBA). Key features of the form include sections for the original loan details, the Assumptor's declarations, and a notarization requirement, emphasizing the formal nature of the agreement. Users should fill out specific loan amounts, dates, and personal information accurately to avoid any potential legal issues. Editing the form requires careful attention to ensure all necessary details are correctly updated without altering the required clauses. This document is beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants involved in business transactions, providing a clear framework for loan obligation transfers while ensuring compliance with SBA regulations. The form can be particularly useful in merger or acquisition scenarios where loan liabilities are reassigned.