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 Seller Financing In Kings
Category:
State:
Multi-State
County:
Kings
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.
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.
More info
SBA EIDL loans are not assumable, meaning they cannot be transferred to another party. All lenders and CDCs should be cognizant of the loan program requirements for the assumption, assignment, and sale of SBA loans.The answer is that it depends so basically the way this works is the new buyer is going to need to be approved basically for that for that idle loan. EIDL loans aren't likely eligible for a business buyer to assume and will need to be repaid when selling a business.