PPP Borrowers May Require SBA Consent or Escrowing of PPP Loan Balance in Connection with "Change of Ownership" Transactions

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Crowell & Moring – On October 2, 2020 (almost two months after the August 10, 2020 commencement of the acceptance period for forgiveness applications), the Small Business Administration (SBA) released an SBA Procedural Notice (the “Notice”) concerning required procedures for change of ownership of an entity that has received PPP loans (the “PPP Borrower”). Under the […]
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