PPP in M&A: How Paycheck Protection Program Loans Could Affect Your Deal

The Small Business Administration recently set rules for dealing with PPP loans in M&A transactions. If either side in a deal has received a PPP loan, the parties must be prepared for increased scrutiny during due diligence, transaction timeline delays and certain valuation implications.

Join us for a webinar on these issues and more, including firsthand perspective from a company that recently completed an acquisition of a PPP loan borrower.

Topics will include:

• What constitutes a “change of ownership” of a PPP borrower and when (and if) SBA approval is needed
• What lenders must submit if prior approval by the SBA is required
• PPP borrower liability
• The effect of an escrow for the amount of a PPP loan
• Timeline for obtaining SBA approval
• Considerations for whether the PPP loan should be repaid or assumed in connection with the closing

Speakers:
Christopher J. Pippett, Partner and Chair, Financial Services Industry Practice, Fox Rothschild LLP
Matthew R. Kittay, Partner and Co-Chair, Mergers & Acquisitions Practice, Fox Rothschild LLP
Madison S. Clemens, Associate, Fox Rothschild LLP
Jamie Wilkerson, VP of Finance, Velocity Clinical Research