09Oct
SBA Issues New Guidance Regarding Changes Of Ownership For PPP Borrowers
On October 2, 2020, the Small Business Administration published new guidance outlining the procedures that PPP borrowers and lenders must follow in the event that a PPP borrower undergoes a “change of ownership.” For parties to a merger, acquisition, or sale in which the target company or seller has received a PPP loan, the new guidance includes important requirements applicable to (i) the drafting and negotiation of the purchase agreement, and (ii) the timing for submission of the forgiveness...
By:
Tonkon Torp LLP
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