Eidl Loan Assumption With All Business Assets In Queens

Category:

Small Business - Loans and Lending

State:

Multi-State

County:

Queens

Control #:

US-00193

Format:

Instant download

Description

The Assumption Agreement is a legal document designed for the assumption of an EIDL loan along with all business assets located in Queens. This form is intended for use by Borrowers, Assumptors, and the Small Business Administration (SBA) to facilitate the transfer of debt obligations from one party to another. It allows the Assumptor to take over the existing debt while ensuring that the Borrower remains responsible for the loan unless explicitly released by SBA. Key features include the need for consent from the SBA and provisions for any modifications to the terms of the loan agreement. Users are required to fill out personal and financial details, establish the principal amount of the loan, and identify the specific obligations being assumed. The form also mandates notarial acknowledgment to ensure its legal validity. It is particularly useful for Attorneys, Partners, Owners, Associates, Paralegals, and Legal Assistants who assist clients in managing business transitions and financial responsibilities. By understanding this form, professionals can provide informed counsel to clients interested in financing options and asset management strategies pertinent to their businesses in Queens.

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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.

Subordinating a lien is a process where the initial financial entity (SBA or your bank) agrees to rank its lien position behind an incoming lien on the assets of the company (i.e. accounts and accounts receivable of your company).

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.