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 Texas
Category:
State:
Multi-State
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
To qualify, you must demonstrate that your business has ceased operations, all assets have been liquidated, and the proceeds applied toward the debt. The SBA will assess your financial situation to determine if the proposed settlement is reasonable.
While dissolving your LLC or corporation and filing personal bankruptcy can get you out of your EIDL liability, another option for business owners with guaranteed debt is submitting an Offer in Compromise to the Small Business Administration.
Individuals who own 20% or more of a small business applicant must provide an unlimited personal guaranty. SBA Lenders may use this form.
COVID-19 EIDL is not forgivable.