Need-Based Questionnaires Released for SBA PPP Loan Review
The SBA has issued two loan necessity questionnaires for PPP borrowers with loans above $2 million. The SBA will utilize the questionnaires in its review of the borrower’s good-faith certification of economic need.
The SBA has released a version for nonprofit borrowers as well as a for-profit version. The loan necessity questionnaires are available below:
Form 3509 For-Profit Borrowers
Form 3510 Nonprofit Borrowers
The SBA will notify PPP lenders through the SBA’s Forgiveness Platform. For PPP lenders who have submitted forgiveness decisions on loans above $2 million, the SBA will request the completion of the questionnaire. It is important to note that lenders are not required to validate the borrower’s information disclosed on this form.
Brown Smith Wallace PPP Loan Resources
Our CARES Act Loan Consulting team can help organizations proactively work with their lenders by applying and understanding the requirements for loan forgiveness.