Likely for those who have acquired a business via SBA loan without adding any personal financing but have also raised equity.

How have people structured their carry when, theoretically, the investors own 100% of the value of the business based on owning 100% of the equity?

Theoretically, could happen with 80% via SBA loan, 15% equity raise, and 5% seller financing. Is the easy answer that it follows the 80/20 typically seen in PE/VC?