SBA Issues Guidance For Ownership Changes Under PPP

Enterprises contemplating mergers and/or acquisitions (M&A) for the duration of this around the globe pandemic have wrestled with the query of how to treat a focus on business that reveals an remarkable Paycheck Protection Method (PPP) mortgage on its guides. The promissory note with the PPP loan provider may perhaps have a provision deeming the borrower to be in default if it variations ownership or company framework, or sells its property, without the need of the lender’s prior written consent……
By: Husch Blackwell LLP