Sba Eidl Loan Assumption With Seller Financing In Ohio
Category:
State:
Multi-State
Control #:
US-00193
Format:
Word;
Rich Text
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Description
The Assumption Agreement for SBA EIDL Loan Assumption with Seller Financing in Ohio is a legal document that enables a borrower to transfer their loan obligations to a new party, known as the 'Assumptor,' with the consent of the Small Business Administration (SBA). This form outlines the original indebtedness, establishes the Assumptor's responsibilities, and confirms that the Borrower remains liable for the loan after the assumption. It includes instructions for obtaining SBA consent and emphasizes that any modifications to the loan terms must also be approved by the SBA. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in business transactions or real estate dealings involving SBA loans in Ohio. Legal professionals should ensure that all parties involved sign the document in front of a notary public. This agreement is essential for facilitating seller financing arrangements while maintaining compliance with SBA requirements.
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FAQ
For EIDL loans less than $200,000, dissolve your business. EIDLs for less than $200,000 are generally not personally guaranteed, which means the business owner is not personally liable for the debt as long as the business is structured as an LLC or corporation.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
