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 San Jose
Category:
State:
Multi-State
City:
San Jose
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
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FAQ
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
The purpose of an assumption agreement is to ensure the seller is freed from their obligations, while the buyer agrees to take on these obligations. Legally, the seller could still be held liable if they don't have a proper assumption agreement in place that absolves them of those responsibilities.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
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.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
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.