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 Covid In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Upon legal release, you would reduce the liability and record a gain on extinguishment of debt for the portion that is forgiven. Extinguishment of debt can be presented in the other income (expense) section of your income statement.
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.Existing borrowers may be eligible for PPP loan forgiveness. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Applicants must submit the loan forgiveness calculation and PPP Schedule A forms. SBA is no longer accepting new Advance applications or reevaluation requests. How much can I borrow? A listing of SBA's headquarters and field offices, including District Offices, disaster offices and loan and guaranty centers. Coronavirus (COVID-19).