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Assumption Requirement Letter

Summary

Requirements letter from the U.S. Small Business Administration's COVID EIDL Servicing Center listing what borrowers and guarantors must provide for SBA to consider a request to assume a COVID EIDL loan. It states that the letter is not a commitment by the SBA, that approval may be conditioned on curing defaults or collateral deficiencies, and that approval will not release the Original Borrower(s) or any Guarantor(s) from liability. The nine general requirements include a signed letter stating the request, SBA Form 912 for the assuming party's principals, the previous two years' Federal Tax Returns, a YTD Profit and Loss Statement, a Certificate of Good Standing and proof of insurance.

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Full text

                                 U.S. SMALL BUSINESS ADMINISTRATION
                                    COVID EIDL SERVICING CENTER

                                              COVID EIDL ASSUMPTION
                                              REQUEST REQUIREMENTS

ATTENTION:
This requirements letter is not a commitment by the SBA. Any commitment made by the SBA will be provided separately
in writing. Approval of any request may be conditioned on curing defaults, correcting any collateral deficiencies or issues
with loan documents and/or payment of material monetary consideration. Additionally, any approval of the Assumption
request will not release the Original Borrower(s) and/or any Guarantor(s) from liability.

All Borrowers and/or Guarantors are required to provide the following for all applicable sections. Additional
documentation may be required for a thorough analysis.

For the U.S. Small Business Administration (SBA) to consider an Assumption request, the below documentation
must be provided.

GENERAL REQUIREMENTS:

      1. A Letter signed and dated by all interested individuals detailing the request and statement of need.
      2. Completed, signed and dated Consent to Verify Information and 3rd Party Authorization (Borrower
         Authorization) for all SBA borrower(s) and/or guarantor(s) (if any). (hyperlink to fillable PDF)
      3. SBA Form 912 – Statement of Personal History from Principals or Owners of the assuming party (link to fillable
         PDF)
      4. Copies of the previous two years’ Federal Tax Returns for the assuming party
      5. Most recent YTD Profit and Loss Statement of the assuming party.
      6. Organizational Documents of the assuming party
      7. Certificate of Good Standing of the assuming party
      8. Affidavit as to the current officers of the assuming party
      9. Proof of Insurance as required by the SBA Loan Authorization Agreement

  Please submit the above required information to the US Small Business Administration at the Covid EIDL
  Servicing Center as shown below. Complete information packages may be emailed to
  Covideidlservicing@SBA.gov .


  Covid EIDL Servicing Center
  E-mail: Covideidlservicing@SBA.gov
  Box.com: Box.com - Upload files to Covid EIDL Servicing Center
  Toll Free Phone: (833) 853-5638
  Fax: (202) 481-5799

File and source

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2025-05_CESC-Assumption-4.2025-V1.pdf
Size
204,839 bytes
SHA-256
37fd447a21c76fa3c8cc7321ee43d4b456f3a8be4c62d89374e45063ceb83761
Our copy
2025-05_CESC-Assumption-4.2025-V1.pdf
Original
www.sba.gov
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