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" ... Let’s presume your intention is to be repaid. The loan should be documented by a written promissory note. The note should reflect the amount borrowed, the interest rate, the terms of repayment and other key provisions. The loan interest rate can either be a fixed rate or can be a floating rate based on some benchmark, such as a specified prime rate of interest. And it should be payable in periodic intervals. ... "
" ... Loans: If you loaned money to heirs, or had other loan transactions (e.g. selling assets such as a family business to a trust for a note) you need to calendar the interest payment dates and amounts and be certain that interest is paid regularly following the terms of the written promissory note. Correct payment of interests is a fundamental criterion for the IRS or creditors to respect a transaction as a real loan (rather than it is recharacterized as some other type of transaction or perhaps even being disregarded). ... "
" ... The Higher Education Act of 1965 [20 USC 1077a(2)(D)] requires federal student loan promissory notes to charge interest on the unpaid principal balance. The applicable interest rates are also specified in the statute using such language as “shall” and not “may.” This limits the ability of the U.S. Department of Education to charge lower interest rates, such as a 0% interest rate. ... "
" ... Then SBA ran out of money. Still, hoping against hope that mine was coming! Rumors of the promissory note coming at 2:00 am had me checking my phone at all hours. Nothing. Zip. Nada. ... "