Foster Swift is sharing that the Small Business Administration (SBA) is currently reviewing Paycheck Protection Program (PPP) loans and will require any borrower of $2 million or more in loans received, along with any affiliates, to complete a Loan Necessity Questionnaire sent by the SBA.
There are two versions of this questionnaire, one for non-profit and one for for-profit borrowers.
Lenders that have submitted loan forgiveness decisions for borrowers can expect to see SBA notification letters requesting borrowers to complete the attached questionnaire along with further instructions on other documents to provide.
Lenders are not required to verify borrowers’ responses or documents relating to the questionnaire. For further questions concerning these notifications, lenders may reach out to PPPForgivenessRequests@sba.gov
For more on PPP Loan Forgiveness, please see our previous videos on ‘Recent Questions Concerning PPP Loan Forgiveness Applications‘ and ‘The Impact of PPP Loans on Mergers & Acquisitions‘.
Please feel free to contact us if you have further concerns regarding PPP Loan Forgiveness:
- Taylor Gast | 517.371.8238 | tgast@fosterswift.com
- Mike Zahrt | 616.726.2223 | mzahrt@fosterswift.com
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