Eidl Loan Rules In Tarrant

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

Description

The Assumption Agreement serves as a formal document for transferring obligations related to an EIDL (Economic Injury Disaster Loan) from the original borrower to a new party in Tarrant. This document outlines the essential features of assumption, ensuring that the Assumptor agrees to take over the responsibility for repaying the loan while the original Borrower remains liable. Key filling instructions include entering the names of the Borrower and Assumptor, the loan amount, and the relevant dates associated with the promissory note. It’s important for users to fully understand their obligations, as the Agreement stipulates that any changes to the loan terms must be consented to by the Small Business Administration (SBA). This document can be particularly useful for attorneys and paralegals who assist clients in navigating loan obligations, as well as for business owners looking to transfer their loan liabilities. Additionally, legal assistants may use this form to facilitate communication between clients and the SBA regarding their EIDL loans, ensuring compliance with regulations. Overall, this Assumption Agreement provides a structured approach to managing EIDL loan transitions while safeguarding the interests of all parties involved in Tarrant.