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 Rules In Alameda
Category:
State:
Multi-State
County:
Alameda
Control #:
US-00193
Format:
Word;
Rich Text
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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.
EIDL loans remain in repayment mode, as they are not eligible for forgiveness (except for advance grants). For businesses experiencing financial hardship, the SBA Hardship Accommodation Plan offers temporary relief by reducing payments to as low as $25 per month for six months.
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.
More info
Please click here for more information about EIDL loans, and here for more information about emergency loan advances. Create an account in the MySBA Loan Portal (lending.sba.Gov) to monitor your loan status or to make payments. A personal guarantee will be required. We provide documents in 17 different languages to help you understand eligibility requirements, fill out applications, and answer frequently asked questions. Economic Injury Disaster Loan Application Portal re-opens for new applications. The law authorizes loan terms up to a maximum of 30 years.