{"ok":true,"canonical_url":"https://dealroom.so/glossary/jointly-and-severally-liable","api_url":"https://dealroom.so/api/public/glossary/jointly-and-severally-liable","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"jointly-and-severally-liable","term":"Jointly and Severally Liable","group":"People and paperwork","definition":"This means each party is individually responsible for the entire debt, and together they are also responsible. The lender can pursue any one party for the full amount.","what_it_means":"If you and a co-applicant or guarantor are jointly and severally liable, the SBA lender can collect the full loan balance from any one of you if the business defaults. This is a critical distinction from only being liable for a portion. Understand this liability fully before signing.","url":"https://dealroom.so/glossary/jointly-and-severally-liable","official_sources":[{"slug":"13-cfr-part-120","title":"13 CFR Part 120 — Business Loans","official_url":"https://www.ecfr.gov/current/title-13/chapter-I/part-120","official_label":"View on eCFR","authority_tier":1,"publisher":"Office of the Federal Register","source_guide_url":"https://dealroom.so/sba-7a/sources/13-cfr-part-120"},{"slug":"sop-50-10","title":"SOP 50 10 — Lender and Development Company Loan Programs","official_url":"https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs","official_label":"View on SBA.gov","authority_tier":2,"publisher":"U.S. Small Business Administration","source_guide_url":"https://dealroom.so/sba-7a/sources/sop-50-10"}],"related":[{"slug":"co-signer","term":"Co-signer","url":"https://dealroom.so/glossary/co-signer"},{"slug":"co-applicant","term":"Co-applicant","url":"https://dealroom.so/glossary/co-applicant"},{"slug":"personal-guarantee","term":"Personal guarantee","url":"https://dealroom.so/glossary/personal-guarantee"},{"slug":"guaranty","term":"Guaranty","url":"https://dealroom.so/glossary/guaranty"}],"related_questions":[{"question":"If I sell my business before the SBA loan is fully repaid, am I still personally liable?","url":"https://dealroom.so/sba-7a/questions/if-i-sell-my-business-before-the-sba-loan-is-fully-repaid-am-i-still-personally-liable"},{"question":"What is the relationship between SBA Form 1919 and 1920, and which is currently required for 7(a) loan applications?","url":"https://dealroom.so/for-lenders/questions/what-is-the-relationship-between-sba-form-1919-and-1920-and-which-is-currently-required-fo"},{"question":"What is the ongoing annual service fee for a 7(a) loan, and how is it calculated and remitted by the lender?","url":"https://dealroom.so/for-lenders/questions/what-is-the-ongoing-annual-service-fee-for-a-7-a-loan-and-how-is-it-calculated-and-remitte"},{"question":"Which critical loan terms and borrower data must match precisely between the lender's system and E-Tran for 7(a) submissions?","url":"https://dealroom.so/for-lenders/questions/which-critical-loan-terms-and-borrower-data-must-match-precisely-between-the-lender-s-syst"},{"question":"What does 'SBA' stand for and what do they do?","url":"https://dealroom.so/sba-loans/basics/what-does-sba-stand-for-and-what-do-they-do"},{"question":"What are the personal guaranty requirements for owners and affiliates?","url":"https://dealroom.so/sba-7a/questions/what-are-the-personal-guaranty-requirements-for-owners-and-affiliates"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Jointly and Severally Liable","url":"https://dealroom.so/glossary/jointly-and-severally-liable","source_type":"DealRoom Data"}}