(*2) However, the Act waives the affiliation rules if the borrower receives financial assistance from an SBA licensed
Small Business Investment Company (SBIC) in any amount. This includes any type of financing listed in 13 CFR
107.50, such as loans, debt with equity features, equity, and guarantees. Affiliation is waived even if the borrower
has investment from other non-SBIC investors.

*This communication is for informational purposes only and is not legal advice. Please contact your legal
counsel for information related to how the SBA PPP impacts your business specifically.