Nov 5, 2020, 1:03 PM
(from Venable) On October 26, 2020, the Small Business Administration (SBA) said it would utilize Loan Necessity Questionnaires in connection with its Paycheck Protection Program (PPP) loan review process. Borrowers who, together with their affiliates, received loans with an original principal amount of $2 million or greater must complete the questionnaires. The SBA crafted two separate questionnaire forms, which it has begun releasing to lenders. SBA Form 3509 will be used by for-profit borrowers, and SBA Form 3510 will be used by nonprofit borrowers. Lenders are expected to distribute the forms to applicable borrowers, and borrowers must complete the forms and provide supporting documentation to lenders within ten business days. Lenders then have five days to upload borrower responses and documents to the SBA’s loan forgiveness platform.
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