Eidl Loan Rules In Contra Costa

Category:

Small Business - Loans and Lending

State:

Multi-State

County:

Contra Costa

Control #:

US-00193

Format:

Instant download

Description

The Assumption Agreement is a legal document facilitating the transfer of obligations from a borrower to a new party, here referred to as the Assumptor, regarding a loan backed by the Small Business Administration (SBA) under the Eidl loan rules in Contra Costa. This form allows the Assumptor to assume the existing indebtedness, ensuring that they agree to comply with all terms previously established by the borrower. Notably, the agreement maintains the borrower's obligations intact, even after the assumption takes place. Key features of the form include sections for identifying both the borrower and Assumptor, details of the original loan, and the requirement for notarization to validate the document. Filling out the form involves clearly providing the original amounts, dates, and necessary signatories. Legal professionals such as attorneys, partners, and paralegals will find this document essential for facilitating client transactions involving Eidl loans, assisting in compliance with SBA regulations while ensuring that both parties understand their obligations. Use cases extend to property sales or transfers where existing loans are involved, highlighting its utility in protecting the interests of both the lender and the borrower.

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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.