Eidl Loan Rules In Washington

Category:

Small Business - Loans and Lending

State:

Multi-State

Control #:

US-00193

Format:

Instant download

Description

The Assumption Agreement is a legal document used in accordance with the Economic Injury Disaster Loan (EIDL) rules in Washington, allowing an Assumptor to assume the financial obligations of a Borrower under a loan from the Small Business Administration (SBA). This form outlines the details of the loan, including the principal amount and the conditions under which the Assumptor agrees to take over the Borrower's obligations. Key features include consent for the assumption of the loan, requirement for written consent from the SBA for any further encumbrance or transfer of the property, and the continued liability of the original Borrower despite the assumption. Filling this form requires accurate completion of all specified sections, including notarization and signatures from both the Assumptor and Borrower. Legal professionals, such as attorneys, paralegals, and legal assistants, will find this document useful for facilitating the smooth transfer of loan responsibility while ensuring compliance with SBA regulations. For partners, owners, and associates, understanding this document is crucial for managing business liabilities and securing financing during financial challenges.

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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.

Businesses must meet the following criteria to qualify for economic injury: The business was directly impacted by the disaster. The business cannot cover expenses due to the disaster and/or debt payments. The business was physically located in the declared disaster area.