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 San Bernardino
Category:
State:
Multi-State
County:
San Bernardino
Control #:
US-00193
Format:
Word;
Rich Text
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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.
COVID-19 EIDL is not forgivable.
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. Borrowers who need assistance with forgiveness can contact SBA at our dedicated forgiveness call center: 8775522692. What happens to SBA EIDL loans in bankruptcy Chapter 7, 11, 13 in California? In most cases discharge occurs. Recent legislation has confirmed that EIDL grants will not be deducted from PPP for loan forgiveness purposes. However, EIDL loans were specifically earmarked to be used for the business. A Small Business Administration (SBA) intermediary to provide pre-qualification loan application services to businesses within San Bernardino County.