06Oct
SBA Guidance on Changes in Ownership of PPP Loan Borrowers
On Friday, October 2, 2020, the Small Business Administration (“SBA”) issued a Procedural Notice (the “Notice”) providing guidance on the notification and consent requirements for changes in ownership of borrowers of Paycheck Protection Program (“PPP”) loans. While the SBA’s Standard Operating Procedures for 7(a) loans requires lenders to obtain SBA consent before the lender approves a change in ownership of any PPP borrower, the details surrounding the SBA consent process and when it applies...
By:
Foley & Lardner LLP
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