15Oct
SBA Guidance Issued on Change of Ownership for PPP Borrowers
On Oct. 2, 2020, the U.S. Small Business Administration (SBA) issued Procedural Notice Control No. 5000-20057 (the SBA Guidance), which clarifies approval requirements for Paycheck Protection Program (PPP) borrowers upon a change of ownership. Previous guidance and communications with both PPP lenders and local SBA offices resulted in some confusion around whether the PPP lender, the SBA or both needed to approve the change of ownership....
By:
BakerHostetler
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