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Small Business Administration Clarifies Guidance on Ownership Changes for Small Businesses With PPP Loans

The U.S. Small Business Administration has issued guidance clarifying when small businesses with Paycheck Protection Program loans need to receive approval for changes of ownership. According to the new guidance, SBA approval is not necessary in cases where the loan has been fully repaid or forgiven, as well as when the change in ownership is due to a sale, transfer of common stock, a merger, or an asset sale. For more information, click here.

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All Curi recommendations are based on current CDC criteria at the time of publication. CDC guidance for SARS-CoV-2 infection may, or may not, be adopted by state and local health departments to respond to rapidly changing local circumstances. Providers should always check with their local health department to see if the CDC’s guidance on any given topic has been modified (particularly if more restrictive) from the CDC’s recommended guidelines. Follow this link https://www.cdc.gov/publichealthgateway/healthdirectories/index.html for contact information to your state/local health department. If local recommendations vary from those of the CDC, and you are unsure what recommendations to follow, then it is safer to follow the more restrictive guidelines/recommendations.