Keep in mind there is a distinction between PE sponsor vis-à-vis SF. Your SF capital structure maybe quite different than a PE fund (GP/LP structure). SBA normally does have majority owner test for eligibility and PG. I have not read through PC's link or the new guidance that just came out via SBIA.org on CARES Act stimulus to small businesses. I encourage you to consider your own cap structure. An SBA loan officer can save you lots of time.

At a glance, I do not see guidance on borrower's ownership structure but here it is:

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