The Small Business Administration (SBA) is currently seeking approval to send a new Paycheck Protection Program (PPP) loan questionnaire to PPP loan recipients who received more than $2,000,000 in PPP funding. The new document, known as the Paycheck Protection Program Loan Necessity Questionnaire (For-Profit Borrowers, SBA Form 3509), poses specific questions aimed at addressing the “good faith” certification that businesses had to make during the application process of the initial loan. In addition, the questionnaire is requesting information and documentation regarding the performance of borrowers during and subsequent to the current state of the Covid-19 pandemic. The SBA is currently receiving comments and related feedback, and, if approved by the Office of Management and Budget, PPP loan recipients will have to complete the questionnaire and provide relevant documentation as part of the SBA’s loan forgiveness evaluation. Please see a copy of the proposed form here.
It’s important to recognize that the questionnaire and related guidance are still being developed. And as we’ve seen with other SBA guidance, a lot can happen between now and when the questionnaire Is approved and released. We are committed to providing you with information and resources needed to make informed decisions for the future of your organization. We will continue to update this article with new information as it becomes available.
Please do not hesitate to contact us with any questions.