Eidl Loan Forgiveness For Self Employed In Wayne

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

Description

The document titled Assumption Agreement is a legal instrument related to EIDL loan forgiveness for self-employed individuals in Wayne. This form outlines the responsibilities of the borrower and the new parties, known as the 'Assumptor,' who assume the obligation of the loan from the Small Business Administration (SBA). Key features of this agreement include the consent of SBA for the transfer of debts, details of the original promissory note, and the agreement that the original borrower remains liable despite the assumption of the debt. Filling out the form requires accurate input of the loan amount, dates, and parties involved in the transaction. The form is particularly useful for attorneys and legal assistants who are helping business owners navigate the complexities of loan forgiveness applications and debt assumptions. Partners and owners in Wayne can utilize this form to ensure compliance with SBA requirements while securing their financial interests. Paralegals can play a significant role in preparing the necessary documentation and guiding clients through the process, while associates might focus on ensuring that all terms are met for the assumption to be successful.