Extension of and Update to Guidance Related to Paycheck Protection Program Loans and Changes of Ownership

On October 2, 2020, SBA issued SBA Procedural Notice 5000-20057: Paycheck Protection Program Loans and Changes of Ownership, which provided guidance concerning the required procedures for changes of ownership of an entity that has received a Paycheck Protection Program (“PPP”) Loan.

The purpose of this Notice is to extend that guidance through October 1, 2022, and to clarify that the guidance applies to entities that have received First and Second Draw PPP Loans (a “PPP Borrower”).