This form is an assumption agreement for a Small Business Administration (SBA) loan. Party assuming the loan agrees to continue payments thereon. SBA agrees to the assumption of the loan and release of original debtor. Adapt to fit your circumstances.
Eidl Loan Assumption With Purchase Agreement In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
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FAQ
There is no provision for forgiveness on these loans, nor should anyone expect that there will be. The EIDL is a decades-old program, and if they forgive loans for this particular disaster, then borrowers for every other EIDL program are going to expect forgiveness on their loans as well. It's not happening.
A debt assumption involves two simultaneous transactions; the first transaction cancels the original debtor's obligation, and the second transaction creates a new debt contract between the creditor and the new debtor, or assumer.
More info
SBA EIDL loans are not assumable, meaning they cannot be transferred to another party. Assumption of Loan Requirement Letter for disaster loan servicing action request packages.About this document and download. A simple breakdown of how to spend your EIDL funds (and how that relates to the PPP). Has anyone had any luck with an assumption or transfer of an EIDL? I'm wanting to sell my business and have the buyer assume the loan.