On October 2, 2020, the SBA published an official procedural notice detailing the requirements for PPP borrowers who wish to make changes to their equity ownership.
Under this new guidance, PPP borrowers who wish to make any equity ownership change must notify SVB of all transactions. If you are considering any transaction which will change your equity ownership, please find instructions and a complete list of required information here.
Please note that while SVB will submit consent requests that require SBA approval in a timely manner, the SBA may take up to 60 days to respond.