SBA Releases Questionnaire for Larger Borrowers
On October 28, 2020, the SBA announced two loan necessity questionnaires for borrowers that, together with their affiliates, received over $2 million in PPP loans. The questionnaires are meant to provide the SBA with additional information regarding a borrower’s good-faith certification of economic necessity at the time of the PPP application.
Thus far, the questionnaires have been sent to borrowers after the lender has submitted a loan forgiveness decision to the SBA. The borrower must complete and submit the questionnaire to the lender within 10 days of receipt. Only borrowers who receive the questionnaire directly from the SBA are required to complete it.
Form 3509 (for profit) is available here.
Form 3510 (nonprofit) is available here.