Add another checklist item to your M&A closing checklist-permission to change control from your PPP lender.
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M&A in the age of COVID 19
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PPP loans we’ve seen include an event of default for the loan where the company “[r]eorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender’s prior written consent;”. This creates a potential issue where a company has a PPP loan pending forgiveness and an overlapping M&A deal that is pending.
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