On October 2, 2020, the Small Business Administration (SBA) released a procedural notice that details the steps that Paycheck Protection Program (PPP) loan borrowers and lenders must take when a borrower is engaging in a transaction in which a change in ownership will occur.
To read the full text of this Duane Morris Alert, which summarizes the key points from the notice and the actions that a PPP loan borrower should take (and a purchaser or investor should ensure the borrower takes) in an M&A transaction, please visit the firm website.