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07Oct

SBA Issues Guidance For Ownership Changes Under PPP

Businesses contemplating mergers and/or acquisitions (M&A) during this worldwide pandemic have wrestled with the question of how to treat a target company that reveals an outstanding Paycheck Protection Program (PPP) loan on its books. The promissory note with the PPP lender may have a provision deeming the borrower to be in default if it changes ownership or business structure, or sells its assets, without the lender’s prior written consent......
By: Husch Blackwell LLP
Source Url: https://www.jdsupra.com/legalnews/sba-issues-guidance-for-ownership-95861/

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