SBA Question - 20% ownership threshold for PGs

Hi all, Per the SBA, owners of 20% of the business or more must provide an unlimited full guarantee of the loan. The regulations say "ownership," which I interpret to mean exactly that, but I've heard that SBA requires it for anyone who contributes 20% or more of invested capital to provide this guarantee, regardless of what their actual ownership stake is. Which is correct? For example, let's say a self-funded searcher purchases a business for 1MM, with 750K financed through SBA and 250K provided by two third party equity investors at 125K each. The searcher gives 14% ownership to each of the third party equity investors in exchange for their capital -- well under the 20% threshold. However, because each 125K represents 50% of the cash raised, some believe that SBA would require guarantees from each investor (in addition to one from the searcher). I can't find anything to substantiate this interpretation, but I've heard it enough times now that I wanted to verify. Thanks in advance.