The Coronavirus Aid, Relief, and Economic Security (CARES) Act, among other economic stimulus measures, provides targeted relief to small businesses through its Paycheck Protection Program (PPP). The PPP and other government loan programs implemented in response to the coronavirus (COVID-19) pandemic have a variety of implications on pending and potential mergers and acquisitions (M&A) transactions. This White Paper provides an overview of the factors stakeholders in a transaction should consider in structuring, negotiating, and executing a deal involving a PPP loan, including the following...