Eidl Loan Rules In Suffolk

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

Description

The Assumption Agreement is a legal document that outlines the terms under which a new party, referred to as the Assumptor, agrees to assume the debts and obligations associated with a loan initially taken by the Borrower from the Small Business Administration (SBA). This form is particularly relevant in Suffolk as it delineates the parameters under the Economic Injury Disaster Loan (EIDL) program. Key features of this form include the requirement for both the Assumptor and the Borrower to consent to the assumption of the loan, and the stipulation that the Borrower remains liable for the debt unless formally released by the SBA. Filling out this form involves providing specific details about the loan, including principal amounts and any modifications related to the agreement. It is crucial for the parties to ensure accuracy in the details to avoid legal complications. For the target audience of attorneys, partners, owners, associates, paralegals, and legal assistants, this form serves as an essential tool for facilitating the transfer of loan obligations while maintaining legal compliance. Moreover, it ensures that all parties understand their rights and obligations under the Assumption Agreement, thus helping facilitate smoother transactions in financial matters.