SBA May Drop Necessity Questionnaire for PPP Forgiveness

Although no formal announcement has been made, the Small Business Administration (SBA) is thought to be in the process of eliminating the Loan Necessity Questionnaire as part of the process of applying for PPP loan forgiveness on loans of $2 million or more.

The 8-page questionnaire collected detailed supplemental information for SBA loan reviewers to use in evaluating the good-faith certification that borrowers made on their PPP application. The SBA used the questionnaire to help “maximize program integrity and protect taxpayer resources.” The move to eliminate the form may be in response to a lawsuit filed by the Association of General Contractors challenging the legality of the questionnaire.

The Paycheck Protection Program ended on May 31 after providing approximately $800 billion in forgivable loans to nearly 12 million businesses.

If you have questions about PPP loan forgiveness please contact Gray, Gray & Gray at (781) 407-0300.

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