06Oct
SBA’s “October Surprise” Forces PPP Borrowers and Lenders to Complete Loan Forgiveness and Establish Escrow Accounts to Circumvent SBA Prior Approval for Most “Change of Ownership” Deals
In a significant development for the mergers and acquisitions (“M&A”) community, the U.S. Small Business Administration (“SBA”) issued a “Procedural Notice” which affects the requirement for companies involved in the buying or selling of a company with a Paycheck Protection Program (“PPP”) loan – the requirement of the PPP Lender to obtain SBA “prior approval” for a change of ownership....
By:
Arnall Golden Gregory LLP
Source Url: https://www.jdsupra.com/legalnews/sba-s-october-surprise-forces-ppp-10916/
Related
The United States Environmental Protection Agency (‘EPA”) Office of Inspector General (“OIG”) is...
Read More >
Dentons' UK prepare a monthly guide to new and proposed legislation that will affect the constructio...
Read More >
Just days before concluding its legislative session, the New York Legislature enacted a law focusing...
Read More >
After the BHS debacle, the Pensions Regulator (TPR) announced it was adopting a "clearer, quicker an...
Read More >
Last week, in Frlekin v. Apple, Inc., the California Supreme Court held that employee exit searches ...
Read More >
In today’s world — where social media has become a source of news for many — companies and indivi...
Read More >