On Friday, October 2, the U.S. Small Business Administration (SBA) issued Procedural Notice 5000-20057. This notice provides guidance for lenders administering loans under the Paycheck Protection Program (PPP) when a PPP borrower desires to enter into a change of ownership transaction before either the PPP loan has been repaid in full or the PPP loan has been forgiven.  The notice further provides guidance for change of ownership transations when only the PPP leder prior approval is required for the change of ownership transactions when only the PPP lender prior approval is required for the change in ownership and those change in ownership transactions where prior approval is required by both the PPP lender and the SBA.

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