October 24, 2021

Volume XI, Number 297


October 22, 2021

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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.

© Polsinelli PC, Polsinelli LLP in CaliforniaNational Law Review, Volume X, Number 308

About this Author

Phil Feigen of the Polsinelli Law Firm Corporate Transaction Attorney, in Washington DC
Office Managing Partner

Phil Feigen brings a unique perspective to providing general corporate advice, as well as complex business counsel to clients in ever-changing regulatory environments.  For more than 20 years, Phil has been providing guidance with respect to Small Business Investment Companies and other Small Business Administrative regulations, federal and state banking laws and federal securities laws. 

Phil focuses on helping clients through the SBIC licensing process so that they may realize the benefits of the program and increase the amount of investment...

Sara C. Ainsworth Securities & Corporate Finance Attorney Polsinelli Washington, D.C.

As an associate in the Securities & Corporate Finance practice, clients rely on Sara Ainsworth to work with Polsinelli’s team of attorneys to analyze each transaction matter to develop a strategic approach to representation based on the client’s immediate and long-term business and operational goals.

Working closely with seasoned Polsinelli attorneys in the Securities & Corporate Finance practice, Sara helps deliver a range of legal services during the life cycle of the client’s business—from selecting the appropriate choice of entity through to exit strategy.  Her practice...