Sba Loan Forgiveness For Eidl In Washington

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

Description

The document is an Assumption Agreement related to SBA loan forgiveness for EIDL in Washington. It formalizes the transfer of loan obligations from the original Borrower to new parties, known as Assumptors, who agree to assume the debt owed to the Small Business Administration (SBA). Key features include the acknowledgment of the original loan amount, the consent for assumption by the SBA, and the stipulation that the original Borrower remains liable, even after the assumption takes place. Filling out this form requires identifying the loan details, the parties involved, and obtaining notarization which ensures its legal standing. Attorneys, partners, owners, and legal assistants may find this form useful for ensuring that responsibilities are clearly outlined and legally binding in cases of business transfers or sales. It also benefits paralegals by providing a structured method for documenting the change in loan responsibilities and involves documenting the notarization process to meet legal requirements. Overall, this form serves to protect all parties and maintain creditworthiness while adhering to SBA regulations.