Paycheck Protection Program Loan Necessity Questionnaire
Last week, the SBA released finalized forms for a PPP Loan Necessity Questionnaire.
Businesses and not-for-profits that received $2 million or more in Paycheck Protection Program (PPP) loans must complete one of two new loan necessity questionnaires being sent to lenders by the U.S. Small Business Administration (SBA) for distribution to borrowers.
The new forms are designed to collect supplemental information SBA loan reviewers will use in evaluating the good-faith certification borrowers made on their PPP applications that economic uncertainty made their loan request necessary to support ongoing operations.
The forms are available to view:
SBA Form 3509: Paycheck Protection Program Loan Necessity Questionnaire (For-Profit Borrowers)
SBA Form 3510: Paycheck Protection Program Loan Necessity Questionnaire (Non-Profit Borrowers)
For any questions or assistance with this form, please contact your Whalen advisor.
SOURCE: Journal of Accountancy