By Scott Tracy of CliftonLarsonAllen Published July 19, 2021 Key insights The SBA has dropped its loan necessity questionnaire requirement (Forms 3509 and 3510)...The loan necessity questionnaire can provide guidance when reviewing your documentation
Question : Why are some PPP borrowers receiving a Loan Necessity Questionnaire (SBA Form 3509 or 3510)?...Upon request from their lender, borrowers should return the completed questionnaire to their lender within 10 business days of receipt
SBA has made no announcement regarding the questionnaires, other than the required Federal Register notice , and has not posted the questionnaires on its website
By Jacob W. Scott and Erik M. Coon of Smith, Currie & Hancock LLP Published on November 11, 2020 After months of ambiguous and constantly-shifting guidance, the Small Business Administration (SBA) has finally published information hinting at how it will determine whether Paycheck...
Borrowers who received $2 million or more must submit a “Loan Necessity Questionnaire” with their forgiveness application. The SBA uses the Questionnaire to evaluate the borrower’s good-faith certification of loan necessity. The Questionnaire covers borrower performance during the PPP loan period, including whether it had to shut down, its cash flows, revenue performance, and whether the business undertook new capital projects
Office of Management and Budget (OMB) for two forms of questionnaires, starting a 30-day comment period...Borrowers who receive one of the new PPP necessity questionnaires will likely be asked to respond within 10 business days
By Carmen Calzacorta , Omar Contreras , David Ebel , Mark Long , Savannah Wolfe , Dan Eller , Christopher Slottee , Craig Russillo , Charmin Shiely , Kenneth Katzaroff , and Russel Robertson of Schwabe Williamson & Wyatt PC Published November 6, 2020 Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. The questionnaires are not on the official SBA sites. There are two questionnaire forms: Form 3509 for for-profit borrowers and Form 3510 for non-profit borrowers
Resources at the website include a link to an online bonding orientation course; informative articles, checklists, questionnaires and PowerPoints; links to government agencies and pertinent assistance programs; and a directory of service providers who specialize in serving these contractors
The SBA has stated that it will automatically review PPP loans over $2 million, and may reassess its forgiveness of any PPP loan within the next 5 years. SBA Questionnaires Those with PPP loans exceeding $2 million, should be aware that the SBA is asking some borrowers to complete PPP Loan Necessity Questionnaires; see Form 3509 for for-profit borrowers and Form 3510 for non-profit borrowers
SBA Form 3509 – Loan Necessity Questionnaire (For-Profit Borrowers) and SBA Form 3510 – Loan Necessity Questionnaire (Non-Profit Borrowers) are expected to be completed by approximately 42,000 borrowers and 10,000 borrowers, respectively