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 regulations implementing the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), ...
Read More >
The National Labor Relations Board (“NLRB” or “Board”) has reversed one of the Obama Board’s mo...
Read More >
Students across the country are heading back to school, but most state legislatures are either in re...
Read More >
27 May - The Financial Conduct Authority (“FCA”) published a new webpage that explains that it i...
Read More >
Seyfarth Synopsis: The United States Court of Appeals for the Fifth Circuit held that an untimely No...
Read More >
Three enforcement actions which made clear that there were no distinctions between agents and distri...
Read More >