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 Loan Forgiveness For Eidl In Pima
Category:
State:
Multi-State
County:
Pima
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
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FAQ
COVID-19 EIDL is not forgivable.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
3508EZ: Borrowers who are self-employed with no employees OR borrowers who did not reduce employee salaries by more than 25% and did not reduce employee hours OR borrowers who reduced business activity due to COVID-19 health guidelines and did not reduce employee salaries by more than 25%
As of 2024, businesses with COVID-19 EIDL loans must focus on managing their repayment obligations. These loans are not eligible for forgiveness (except for the EIDL advance grants) and require full repayment.
More info
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.Create an account in the MySBA Loan Portal (lending.sba. Gov) to monitor your loan status or to make payments. Today I'm excited to share some news that I got directly from the SBA. They emailed me the offer in compromise application for EIDL loans. Unfortunately, there is no current program for complete EIDL loan forgiveness. EIDL loans are not forgiven like PPP loans, so businesses are required to repay them.