News & Analysis as of

Change in Ownership New Guidance

Lathrop GPM

Considerations for Businesses with Outstanding PPP Loans in M&A Transactions

Lathrop GPM on

On October 2, 2020, the U.S. Small Business Administration (the “SBA”) issued Procedural Notice (5000-20057), titled “Paycheck Protection Program Loans and Changes of Ownership” (the “Notice”). The Notice sets forth the steps...more

Lathrop GPM

Updated Guidance Concerning PPP Loans and Changes of Ownership

Lathrop GPM on

How is Change in Ownership Defined? On October 2, 2020 the Small Business Administration published SBA Procedural Notice (5000-20057) (the “Notice”), which was effective on that date. The Notice outlines rules that apply...more

BCLP

Buyers’ obligation to assume PPP debt hinges on need for SBA approval

BCLP on

The Small Business Administration recently published a procedural notice on changes of ownership for PPP borrowers. One specific area where we’ve seen confusion is whether the procedural notice requires a buyer to assume all...more

BCLP

Four Things You May Have Missed about the PPP Change of Ownership Notice

BCLP on

As previously discussed, on October 2, 2020, the SBA published Procedural Notice 5000-20057 addressing Paycheck Protection Program Loans and Changes of Ownership. Based on a review of memos on the subject by other law firms...more

Dorsey & Whitney LLP

New Guidance on PPP Loans in M&A

Dorsey & Whitney LLP on

The Paycheck Protection Program (the “PPP”) created under the CARES Act has provided much needed assistance to millions of businesses and other organizations operating in the United States that have been impacted by the...more

Ruder Ware

SBA Issues Guidance on Navigating Paycheck Protection Program Loans in M&A Transactions

Ruder Ware on

After several months of uncertainty, businesses are carefully resuming merger and acquisition transactions. Many (if not most) small businesses took advantage of the Paycheck Protection Program (PPP), but, as forgiveness is...more

King & Spalding

SBA Change in Ownership Approval Guidance

King & Spalding on

SBA Releases Guidance Addressing Corporate Mergers and Acquisitions in the Context of Paycheck Protection Program Loans - Many clients have been asking about the impact of a Paycheck Protection Program (PPP) Loan and the...more

Holland & Knight LLP

SBA Issues Much-Anticipated Guidance Regarding Changes of Ownership in PPP Loans

Holland & Knight LLP on

Unforgiven Paycheck Protection Program (PPP) loans have created a great deal of consternation for PPP borrowers looking to engage in merger and acquisition (M&A) transactions, as well as other asset sale, equity and...more

Dorsey & Whitney LLP

PPP Loans and M&A Transactions: New Guidance from the SBA

Dorsey & Whitney LLP on

The Paycheck Protection Program (the “PPP”) created under the CARES Act has provided much needed assistance to millions of businesses and other organizations operating in the United States that have been impacted by the...more

Benesch

SBA Guidance on PPP Loans in the Context of a Sale of a Business

Benesch on

On October 2, 2020, the SBA released a guidance relating to whether the SBA will be required to consent to a “change in ownership” of a business. A “change in ownership” is deemed to be any of the following...more

Foley & Lardner LLP

SBA Guidance on Changes in Ownership of PPP Loan Borrowers

Foley & Lardner LLP on

On Friday, October 2, 2020, the Small Business Administration (“SBA”) issued a Procedural Notice (the “Notice”) providing guidance on the notification and consent requirements for changes in ownership of borrowers of...more

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