Earlier in the year, the Small Business Administration (SBA) announced that it will be reviewing all Paycheck Protection Program (PPP) loans of $2 million or more. Borrowers whose loans meet this threshold amount should expect to receive a Loan Necessity Questionnaire form from their lender soon after they apply for loan forgiveness.
While the forms are not yet final, SBA is currently asking lenders to send the questionnaire form to specific borrowers. Borrowers have only 10 business days from receipt of the questionnaire to return a completed version to the lender. Since the requested information may not be readily available and could take considerable time and effort to compile, borrowers should begin gathering the information on the questionnaire before they receive the request from their lender.
SBA Loan Necessity Questionnaires
- SBA Form 3509 Loan Necessity Questionnaire (For-Profit Borrowers)
- SBA Form 3510 Loan Necessity Questionnaire (Non-Profit Borrowers)
Check out BDO’s assessment of this announcement for additional information on these new forms.
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