Banking & Finance Law Report

Archives: Paycheck Protection Program

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Changes of ownership and PPP loans

The U.S. Small Business Administration (SBA) has released a long-anticipated procedural notice related to changes of ownership in an entity that has received a Paycheck Protection Program (PPP) loan. While this guidance was released to all SBA employees and PPP lenders, it is relevant for PPP borrowers looking to undergo a change of ownership, as well as for buyers and sellers of PPP borrowers. My colleagues Jack Beeler and Jack Meadows explain the notice in this Porter Wright Law Alert.…

Paycheck Protection Program closes; new FAQs on loan forgiveness released

The Paycheck Protection Program (PPP) is now closed to new applicants. While talks on extending or changing the program have stalled on Capitol Hill, the Small Business Administration (SBA) has issued 23 more frequently asked questions specifically related to loan forgiveness. These FAQs are contained in a separate list from the previously released FAQs last updated on June 25, 2020 that focused on PPP loan eligibility and similar questions. My colleagues Jack Beeler, Jack Meadows and Cat Rice explain in this Porter Wright Law Alert.

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