One potentially thorny issue that frequently arises in the COVID-pandemic era is the treatment of Payroll Protection Program (PPP) loans in the context of a transaction involving the purchase or sale of a company. According to Small Business Administration guidance, the PPP loan borrower remains responsible for all loan-related obligations. As a result, the PPP loan borrower must notify the PPP-loan lender of a potential change in ownership of the borrower and provide certain documentation relating to the transaction for the lender’s review. In addition, the outstanding PPP loan balance must be escrowed as part of the transaction through receipt of loan forgiveness and repayment to the funding lender. However, where the PPP loan has already been repaid or is forgiven prior to the transaction’s closing, all such notice requirements and restrictions on the change of ownership fall to the wayside.