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 Requirements In Los Angeles
Category:
State:
Multi-State
County:
Los Angeles
Control #:
US-00193
Format:
Word;
Rich Text
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FAQ
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.
Eligibility requirements Be an operating business. Operate for profit. Be located in the U.S. Be small under SBA size requirements. Not be a type of ineligible business. Not be able to obtain the desired credit on reasonable terms from non-federal, non-state, and non-local government sources.
More info
As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.Create an account in the MySBA Loan Portal (lending.sba. Gov) to monitor your loan status or to make payments. Step 1: Visit the SBA disaster loan website and find your declared disaster area. Steps for Applying for an SBA Economic Injury Disaster Loan (EIDL) or any SBA Disaster Loan: 1. Your business must have suffered economic injury as a direct result of the declared disaster. In February 2024, SBA expanded the eligibility for our Hardship Accommodation Plan (HAP) for borrowers who are struggling with loan payments. EIDL loans typically require that you pledge all available assets of the business as collateral, and in some cases your personal assets as well. Many factors go into qualifying for an EIDL.