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 Forgiveness For Sole Proprietor In Miami-Dade
Category:
State:
Multi-State
County:
Miami-Dade
Control #:
US-00193
Format:
Word;
Rich Text
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FAQ
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
COVID-19 EIDL is not forgivable.
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.
The Florida Disaster Fund distributes funds to service organizations that will serve individuals within their communities with disaster response and recovery. If you have additional questions about the Florida Disaster Fund, please call (850) 414-7400 or email info@volunteerflorida.
You must apply for forgiveness directly with the SBA using their online portal. Click here to apply for forgiveness now. When do I need to apply for forgiveness? You have 10 months after the end of your Covered Period to apply for forgiveness.
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 can provide loans to help cover the costs and expenses that your business would have been able to handle if the disaster did not happen. The SBA has two new programs that are offering loans that maybe forgivable, meaning you may not have to pay it back.The program provides shortterm, zerointerest loans to small businesses that experienced economic injury or physical damage due to Hurricane Milton. Sole Proprietor –Application SBA Form 5C. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Sole proprietors, independent contractors and eligible selfemployed individuals may also participate in the program, as can nonprofits. All borrowers, regardless of loan size, can use SBA's direct forgiveness portal. Applying for forgiveness using the portal can take as little as 15 minutes. Remaining portions of the EIDL, for purposes other than those laid out in loan forgiveness terms for a PPP loan, would remain a loan. General Requirements - To obtain a COVID EIDL loan, an applicant must be a business (including a sole-proprietorship) which satisfies the following criteria: •.