Sba Ppp Loan Agreement Form In Michigan
Category:
State:
Multi-State
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
The Sba ppp loan agreement form in Michigan is designed for borrowers who wish to formalize the assumption of a Paycheck Protection Program loan. This document outlines the obligations of the borrower and the assumptor, specifying that the assumptor agrees to take over the debts of the borrower while recognizing that all original liabilities remain. Key features include sections for identifying the borrower, assumptor, and the Small Business Administration, along with stipulations for consent regarding property transfers and modifications to loan terms. Filling out the form requires complete and accurate details pertaining to the original loan, the parties involved, and relevant property records. Legal professionals such as attorneys, partners, owners, associates, paralegals, and legal assistants can effectively utilize this form to ensure compliance with SBA requirements and protect their clients' interests. The document’s structure simplifies the process of assumption, making it accessible for all parties involved, and its clarity aids in minimizing potential disputes. This form is particularly useful in circumstances where business ownership transfers occur and where maintaining compliance with the SBA is crucial.
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FAQ
Paycheck Protection Program. Borrower Application Form. 1. SBA Form 2483 (04/20) ☐
SBA Form 2483 (3/21) Paycheck Protection Program. Borrower Application Form Revised March 18, 2021.
How to fill out SBA form 413 Provide basic business information. Report your assets. Report your liabilities. List your source of income and contingent liabilities to complete section 1. Detail your notes payable to banks and others in section 2. Detail the status of your stocks and bonds for section 3.
