The general rule is that a purchaser of a business is not liable for seller’s legal obligations unless those obligations are expressly assumed by the purchaser in the…

On May 7, 2024, the Federal Trade Commission published a final rule (the “Rule”) that results in a federal ban on non-compete clauses nationwide, with limited exceptions. The…

Effective May 30, 2024, the criminal background review process for those applying for SBA guaranteed loans will undergo a significant change.  It removes restrictions the SBA deems limit…

Earlier this year the SBA Office of Credit Risk Management (“OCRM”) assumed responsibility for and rolled out a new pilot process for submission of Lender Service Provider Agreements…

Pursuant to 13 CFR § 120.160(a), all SBA 7(a) loans must be guaranteed by at least one person or entity. Generally, guarantees are required of any individual or…

It is a fundamental tenet of SBA lending that businesses must be “active” small businesses to be eligible to receive SBA guaranteed loans.  SBA lenders should ensure that…