I am currently under LOI on a HVAC Deal in NJ and beginning diligence this week.

I just received a call from a banker stating that the SBA is "likely rolling back their previous announcement that previous owners are able to roll equity < 20% and not have to sign a PG". NJ requires a HVACR license to operate and the license holder has to be at least a 1% equity holder. The deal was going to be a stock deal where the owner retained 1% equity.

Looking for suggestions on whether:
1) The SBA is really changing their recent guidance on equity rolls
2) How to structure / fund / license this deal