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Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, millions of businesses have applied for and received a Paycheck Protection Program (the “PPP”) loan from the U.S. Small Business Administration (the “SBA”) (for the current terms, laws and rules governing the PPP see our client alert: Paycheck Protection Program – Where Are We Now?). Recipients of PPP loans (“PPP Recipient”) that are the subject of a subsequent Sale Transaction[1] will likely be at risk of heightened scrutiny by the SBA and other relevant government agencies, the public, and…