SBA Will No Longer Require PPP Loan Necessity Questionnaire
In a notice sent to lenders in early July, the Small Business Administration (“SBA”) informed lenders that it is eliminating the Loan Necessity Questionnaires (the “Questionnaires”) for Paycheck Protection Program (“PPP”) loans of $2 million or greater.
The SBA’s notice stated that it would no longer request either Form 3509 (for for-profit borrowers) or SBA Form 3510 (for not-for-profit borrowers). Moreover, Questionnaires previously requested by the SBA are no longer required to be submitted and lenders have been advised to close any open requests for additional information related to Questionnaires.
The changes are effective immediately, but the SBA said it would release an FAQ shortly with more details.