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.
Sba Eidl Loan Rules In Fulton
Category:
State:
Multi-State
County:
Fulton
Control #:
US-00193
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Word;
Rich Text
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FAQ
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans. There are a variety of challenges involved with widespread forgiveness.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
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.
At a minimum, SBA requires an equity injection of at least 10% of the total project costs. This means that in order to qualify, you'll need to provide 10% of all costs required to complete the change of ownership, including working capital needs regardless of the source of funds.
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.