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 Minnesota
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Multi-State
Control #:
US-00193
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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.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
When seeking a lien release, borrowers should approach the SBA with a well-prepared case that highlights the equity in their assets and the potential for a fair settlement. It is essential to gather documentation and evidence that supports your position and demonstrate your willingness to resolve the debt.
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.
In addition to meeting the numerical standards for small, your business must: Be a for-profit business of any legal structure. Be independently owned and operated. Not be nationally dominant in its field. Be physically located and operate in the U.S. or its territories.
More info
SBA takes real estate as collateral when it is available. Notice: the COVID-19 EIDL program is not accepting new applications, increase requests, or reconsiderations.How do I apply for an SBA EIDL? Both small businesses and nonprofit organizations can apply for these loans. How do I apply for an SBA EIDL? What is the criteria for a loan approval? Submit applications and find additional disaster assistance information at Lending.SBA.gov. SBA Minnesota District Office our email is Minneapolis. In February 2024, SBA expanded the eligibility for our Hardship Accommodation Plan (HAP) for borrowers who are struggling with loan payments.