The SBA issued a notice on the required procedures for changes of ownership of Paycheck Protection Program borrowers. The notice says PPP borrowers remain responsible for meeting the terms of their loans regardless of any change of ownership, including certifications, compliance, and documentation.
Further, PPP borrowers must notify lenders in writing before closing any change-of-ownership transaction and provide lenders copies of proposed agreements. The SBA notice outlines different procedures for various circumstances related to PPP loans and ownership transaction, including which changes of ownership require prior SBA approval.
Additional guidance and resources are available on Treasury’s PPP webpage and ICBA's COVID-19 resource center.