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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.