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SBA Will Issue Additional Forms for Larger
PPP Loans

Attention businesses that received a Paycheck Protection Program (PPP) loan for $2 million or more: the SBA has a few (more) questions.
Approximately 30,000 businesses that borrowed at least $2 million will be required to complete a new loan necessity questionnaire. The purpose is to help the Small Business Administration (SBA) to evaluate the "good faith" certification made by borrowers that their loan was necessary to support ongoing operations.
The $2 million threshold for the new questionnaires includes individual loans and aggregate loans totals for borrowers and their affiliates. There are two versions of the 21-question forms, one for for-profit borrowers and a separate questionnaire for non-profit organizations.

The 9-page forms, which will be made available through the lenders who processed the PPP loan, must be completed and returned by the borrower (with supporting documentation) within 10 days of receipt. SBA instructions warn borrowers, "failure to complete the form and provide the required supporting documents may result in SBA's determination that you were ineligible for either the PPP loan, the PPP loan amount, or any forgiveness amount claimed, and SBA may seek repayment of the loan or pursue other available remedies.

If your business and its affiliates have PPP loans totaling $2 million or more and you have concerns about the questionnaires or required documentation, please contact Gray, Gray & Gray for guidance and assistance by calling (781) 407-0300.
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