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SBA Issues Loan Necessity Questionnaires for PPP Borrowers With Loans of $2 Million or More

The Small Business Association (SBA) released two loan necessity questionnaires (one for nonprofit businesses and one for for-profit companies) to go to Paycheck Protection Program (PPP) borrowers who, together with their affiliates, received PPP loans totaling $2 million or more. The questionnaires are part of the SBA’s review that borrowers who received PPP loans of $2 million or more did so in good faith and due to economic need. The PPP borrower’s lender will issue the questionnaires.

Loan necessity questionnaires

You can find copies of the questionnaires below:

 Form 3509 For-Profit Borrowers

 Form 3510 Non-Profit Borrowers

Lenders who have already submitted loan forgiveness on behalf of these borrowers can find instructions through the SBA Forgiveness Platform. Borrowers must still complete the loan necessity questionnaires, but the SBA will not make lenders responsible for validating the responses or other related documentation.

Need help?

If you need assistance filing for PPP loan forgiveness, we can help. Please email us at info@hoffmancpas.com or call 443-320-4101.

Also, be sure to attend our upcoming webinar, Paycheck Protection Program Forgiveness, to learn how to ensure as much of your loan is forgiven as possible.

This entry was posted on Monday, November 2nd, 2020 at 11:47 am. Both comments and pings are currently closed.