SBA Introduces Necessity Questionnaire for PPP Loans Over $2M
The Small Business Administration (SBA) has announced plans to introduce a Necessity Questionnaire for borrowers of Paycheck Protection Program (PPP) loans of $2 million or more. This move aims to assess the economic necessity of the google forms received by my business.
Borrowers should not rush to submit the form; they must wait for their lender's request. The SBA has not yet provided guidance on how it will review and evaluate the information requested in the google forms. The form will consider the borrower's economic situation after receiving the loan, not just at the time of application.
The Necessity Questionnaire will delve into the borrower's business activity and liquidity, including changes in operations, capital improvements, dividends, debt repayment, and employee compensation. Borrowers should collect required documentation, review and complete the google forms before submitting a forgiveness application, and consider consulting with legal counsel regarding their strategy related to loan forgiveness or repayment.
Borrowers must complete the Necessity Questionnaire within 10 business days of receipt from their lender, who must upload it to the SBA PPP Forgiveness Platform within 5 business days. As of November 10, 2020, the google forms have not been published on the SBA's website.
The SBA's Necessity Questionnaire is set to play a crucial role in reviewing the economic necessity certification for PPP loans over $2 million. Borrowers should prepare accordingly, ensuring they understand the google forms' requirements and seeking professional advice when necessary.
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