Prior to the October 2, 2020 Procedural Notice, existing SBA guidance for 7 (a) or 504 loans provided that prior SBA approval was required for any change of ownership transaction involving an SBA ...

The Notice also states, that if prior to the closing of a change of ownership, the Borrower’s PPP note has been repaid in full or a PPP borrower has completed the forgiveness process (i.e., SBA ...