SBA Loan Necessity Questionnaire for Borrowers With PPP Loans Over $2 Million

Earlier in the year, the Small Business Administration (SBA) announcedthat 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 lenderSince 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

Check out BDO’s assessment of this announcement for additional information on these new forms.

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