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 Maricopa
Category:
State:
Multi-State
County:
Maricopa
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.
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
Create an account in the MySBA Loan Portal (lending.sba. Gov) to monitor your loan status or to make payments.To apply for an EIDL loan or advance, a business must complete an online application on the SBA website. Find out how to apply for a small business disaster loan if your business suffered damage and is in a presidentially declared disaster area. The loans under SBA's EIDL program are tailored uniquely to a specific natural disaster after a Governor requests SBA's assistance for affected counties. As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances. SBA takes real estate as collateral when it is available. The specific requirements are contained in the EIDL application form. The law authorizes loan terms up to a maximum of 30 years. As of April 16, the SBA reported that it has exhausted Economic Injury Disaster Loan funding.