Extension and update of Notice providing guidance related to PPP loans and changes of ownership

SBA issued Procedural Notice 5000-821918, Extension of and Update to Guidance Related to Paycheck Protection Program Loans and Changes of Ownership (effective 10/26/2021).  The notice extends, to 10/1/2022, the guidance previously provided in Notice 5000-20057, and clarifies that the guidance relating to changes of ownership applies to entities that received either a First or Second Draw PPP Loan.  The notice also provide guidance on changes of ownership situations when the individual PPP borrower or an owner of the PPP borrower is deceased.