News & Analysis as of

Notice Requirements Paycheck Protection Program (PPP)

Schwabe, Williamson & Wyatt PC

Changes of Ownership, Asset Transactions, Mergers, and Death of Borrowers or and Owner

Effective October 2, 2020, the Small Business Administration (“SBA”) issued an SBA Procedural Notice: Paycheck Protection Program Loans and Changes of Ownership; and on October 26, 2021, the SBA issued SBA Procedural Notice...more

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

Farella Braun + Martel LLP

M&A Deals and PPP Loans: Unexpected Parties in Your Deal

The Payroll Protection Program has been a lifesaver to many businesses this year, but its quick roll out, and many generous features (including potential forgiveness) could tempt a borrower to treat the PPP as something less...more

Miller Canfield

Strategies to Reduce the Impact of the New SBA Procedural Notice on the Rights of a Secured Lender

Miller Canfield on

In the SBA Procedural Notice dated October 2, 2020 (the “Approval Notice”), the Small Business Administration (“SBA”) has issued mandates that may impact the ability of a recipient of a Paycheck Protection Program (“PPP”)...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

Fox Rothschild LLP

SBA Sets Rules For Dealing With PPP Loans In M&A Transactions

Fox Rothschild LLP on

New guidance from the Small Business Administration (SBA) sheds light on questions that arise in the context of M&A transactions where one of the companies has secured a potentially forgivable loan through the Paycheck...more

Hinshaw & Culbertson LLP

SBA Provides Guidance on Rules for M&A Transactions Involving PPP Loans

In a previous client alert, we had advised you of issues facing a purchaser of a business which had received a Paycheck Protection Plan (PPP) loan. PPP loans are Small Business Administration (SBA) Section 7(a) loans....more

Fisher Phillips

June 2020: The Top 21 Labor And Employment Law Stories

Fisher Phillips on

It’s hard to keep up with all the recent changes to labor and employment law. While the law always seems to evolve at a rapid pace, there have been an unprecedented number of changes for the past few years—and this past month...more

Snell & Wilmer

New Oregon Law Imposes Moratorium on Foreclosures and Notice Requirements on Lenders

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Oregon lawmakers held a three-day special legislative session in June during which they tackled, among other issues, legislation aimed at relief for both consumers and businesses impacted financially by the COVID-19 crisis....more

Mintz - ML Strategies

COVID-19 Insights Week In Review — April 8, 2020

Mintz - ML Strategies on

As the coronavirus pandemic spreads across the nation, your team at ML Strategies continues to monitor legislative and regulatory updates at the federal and state level. Each week, ML Strategies will provide weekly updates...more

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