New PPP Loan Procedures for Changes in Ownership
On October 2, the SBA released a Procedural Notice regarding "Paycheck Protection Program (PPP) Loans and Changes of Ownership." The Notice provides information concerning the required procedures for a PPP loan borrower that goes through a change of ownership.
The notice clarifies:
- What constitutes a change in ownership
- The required procedures prior to a change in ownership
- How to maintain two PPP loans
- The action steps a PPP loan borrower must take
Brown Smith Wallace PPP Loan Resources
Our CARES Act Loan Consulting team can help organizations proactively work with their lenders by applying and understanding the requirements for loan forgiveness.