SBA Issues Procedural Notice on PPP and Changes of Ownership

On Oct. 2, 2020, the SBA issued SBA Procedural Notice 5000-20057 (the Notice), which provides information and procedures for PPP borrowers when any change of ownership takes place. The Notice defines a change in ownership, as well as any subsequent changes in the responsibilities of the borrower, the lender and the SBA. The guidance from the Notice is meant to provide clarity for PPP borrowers and lenders regarding expectations for SBA consent, including when consent is required and the expected approval process.

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Denny Ard
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Denny.Ard@dhg.com
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