Does anyone know if newly acquired business qualify for Second Draw PPP?

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December 23, 2020

by a searcher from Rutgers-The State University of New Jersey-Newark/New Brunswick - Rutgers Business School in St Paul, MN, USA

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Reply by an intermediary
from City University of New York (CUNY) System in Wesley Chapel, FL, USA
You have two choices. first (assuming the legislation is signed into law, which as of this moment is not assured) you will be able to close on a 7(a) and if 'approved' after 2/1/2021, you may be eligible for a 6 month forgiveness on the P&I (a nice bonus). Second, if you do buy a company, only if its done ona stock basis, and then it is subject to a longer direct SBA approval. PLP cannot approve the loans in the case of a change of control to my knowledge. Watch for more details as the final regs are applied.
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Reply by a searcher
from University of Virginia in New York, NY, USA
Along the same lines it would be interesting for the SBA lenders ^redacted‌ ^redacted‌ ^redacted‌ to comment on the new relief bill for new and existing 7(a) loans.
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