PPP: SBA Issues Guidance on Changes in Ownership and Full Forgiveness Eased for Smaller Loans
By EsqSocial Corporation 16/10/20
Changes in Ownership - As a result of Congress creating the Paycheck Protection Program (PPP) as part of the Small Business Administration's 7(a) loan program, Congress encumbered PPP loans with many of the rules, regulations and standard operating procedures applicable to 7(a) loans, a good number of which may be unfamiliar to the typical PPP borrowers as well lenders that have not historically made many 7(a) loans. One of these 7(a) requirements is that the SBA must approve any change in...
By: Baker Donelson