SBA Issues Loan Necessity Questionnaires to Borrowers who Received PPP Loans of
$2 Million or More
The U.S. Small Business Administration (SBA) has released two new Paycheck Protection Program (PPP or Program) questionnaires for borrowers, who either individually, or combined with their affiliates, received PPP loans of $2 million or more. These questionnaires are part of the SBA’s previously announced plan to review the applications of borrowers that received PPP loans of $2 million or more. The questionnaires will focus on the borrower’s good-faith certification made as part of the loan application that economic uncertainty made the loan request necessary.  
 
Borrowers will be receiving the questionnaires from the bank that provided the loan under the Program. The borrower is required to complete the questionnaire and return it to the lender within ten (10) days of receipt. If a borrower fails to complete the questionnaire, it could result in the SBA’s determination that the borrower was not eligible for the PPP loan, the PPP loan amount, or any forgiveness amount claimed. 
 
The questionnaires can be found here:

If you have questions on these forms, on PPP loan forgiveness, or require assistance in completing the PPP loan forgiveness application, we have a team ready to assist you. We would be happy to discuss with you, how we can work with your organization on the loan forgiveness process. For additional information, please contact your trusted ACT advisor or email us at info@actcpas.com.