Effective November 3, 2020, the U.S. Small Business Administration (SBA) announced the update and release of SBA Form 1919, Borrower Information Form.  SBA Information Notice 5000-20059.  Among other things, the…

Under the CARES Act, SBA has the authority to conduct a review of any loan originated under the Paycheck Protection Program (“PPP”) at its discretion at any time.  SBA may…

At the end of October, lenders who had submitted PPP loan forgiveness applications for a company that, together with its affiliates, received $2,000,000 or more in PPP financing began receiving…

Prior to the release of SOP 50 10 6, there had been a lot of confusion surrounding the processing of Small Business Administration (“SBA”) loans in which the borrower is…

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was signed into law, and the Paycheck Protection Program (“PPP”) was included as part of that…

Over the past several months, with no formal guidance in place, SBA lenders have been operating on an ad hoc basis when financing change of ownership transactions where a PPP…