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PPP Loans are only available to applicants that were in operation on February 15, 2020. Do I qualify for a PPP loan if my business was in operation on this date but subsequently had an owner change?
Yes. As long as the business was in operation on February 15, 2020 and meets other eligibility requirements, the business is eligible for a PPP loan. Additionally, if the change of ownership resulted in the new owner acquiring substantially all assets of a business that was in operation on February 15th, the business acquiring the assets will be eligible to apply for a PPP loan, even if the change in ownership results in the assignment of a new tax ID number and even if the acquiring business was not in operation until after February 15, 2020. If the acquiring business has maintained the operations of the pre-sale business, they may rely on the historic payroll costs and headcount of the pre-sale business for the purposes of their PPP application.
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