You have two choices. first (assuming the legislation is signed into law, which as of this moment is not assured) you will be able to close on a 7(a) and if 'approved' after 2/1/2021, you may be eligible for a 6 month forgiveness on the P&I (a nice bonus). Second, if you do buy a company, only if its done ona stock basis, and then it is subject to a longer direct SBA approval. PLP cannot approve the loans in the case of a change of control to my knowledge. Watch for more details as the final regs are applied.

The law needs to pass first, then the SBA will take a while to issue direction. The last PPP loan was changing still a couple of days prior to the process kicking off so I think it will be several weeks before we have clear direction. It is clear they are looking for "impacted" businesses so I imagine there will be a little more legwork on this application.