Eidl Loan Forgiveness For Self Employed In Texas

• Category: Small Business - Loans and Lending
• State: Multi-State
• Control #: US-00193
• Format: Word; Rich Text

Description

The document outlines an Assumption Agreement pertaining to EIDL (Economic Injury Disaster Loan) loan forgiveness for self-employed individuals in Texas. It establishes the conditions under which an Assumptor can assume the debt obligations of the original Borrower to the Small Business Administration (SBA). Key features of the form include the requirement for the Assumptor to agree to all terms of the original loan note and any related security instruments. Additionally, the agreement stipulates that the original Borrower remains liable even after the assumption, and modifications to the agreement can occur with SBA's consent. Filling instructions highlight the need for accurate completion of personal and loan information, while editing directions emphasize the legal necessity of retaining original terms. Use cases relevant to attorneys, partners, owners, associates, paralegals, and legal assistants involve advising clients on the transfer of loan obligations and ensuring compliance with SBA regulations. This agreement can be particularly useful for legal professionals facilitating business transactions or restructuring obligations for clients navigating financial challenges.