The Small Business Administration (SBA) has begun issuing loan necessity questionnaires to Paycheck Protection Program (PPP) borrowers with PPP loans of over $2 million. The loan necessity questionnaire will be utilized by SBA in its review of the PPP borrower’s good-faith certifications of the borrower’s economic need. SBA has developed two distinct versions of the loan necessity questionnaire: one for for-profit borrowers, and one for non-profit borrowers.
PPP lenders who have submitted decisions on loan forgiveness for PPP borrowers will receive notifications through the SBA Forgiveness Platform requesting the completion of the questionnaire. SBA has noted that lenders are not required to verify or validate borrowers’ responses or any required supporting documents.
A printable version of this information can be found by clicking HERE.
Author: Mark Brasee
Mark L. Brasee