08Oct
SBA Issues Guidance on Change of Ownership for PPP Borrowers
On Friday, October 2, 2020, the Small Business Administration (SBA) issued a Procedural Notice (the "Notice") explaining required procedures when an entity that has received a Paycheck Protection Program loan (a "PPP Borrower") experiences a change in ownership. In particular, the Notice sets forth the circumstances in which SBA consent is required prior to a change in ownership and the steps PPP Borrowers and lenders must take to avoid defaulting on PPP loans as a result of a change in...
By:
Varnum LLP
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