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Office of Management and Budget Borrowers

Vinson & Elkins LLP

Paycheck Protection Program: SBA Discontinues Use Of Loan Necessity Questionnaire

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The Small Business Administration (“SBA”) has officially discontinued use of the Loan Necessity Questionnaire previously required for forgiveness of Paycheck Protection Program (“PPP”) loans of $2 million or more...more

Schwabe, Williamson & Wyatt PC

First Draw Loans at or Over $2 million—SBA Discontinues Use of Necessity Questionnaires and What Is Next

As per our earlier articles, in late 2020, the SBA began requiring borrowers with First Draw PPP loans $2 million or greater to complete a PPP Loan Necessity Questionnaire (Form 3509 (For Profit Borrowers) or Form 3510...more

Tonkon Torp LLP

Was My PPP Loan Necessary (In Hindsight)? SBA Seeks Additional Information From PPP Borrowers With Loans Of $2 Million Or More

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On the roller coaster ride that is the interpretation of the Paycheck Protection Program (“PPP”) by the U.S. Small Business Administration (“SBA”), on October 26th, the SBA issued a notice to the Office of Management and...more

Downs Rachlin Martin PLLC

Borrowers of PPP Loans of $2M or More Must Justify Necessity

For-profit and non-profit borrowers of PPP loans of $2MM or more are now required to submit additional forms. On October 26, 2020, the SBA published a notice seeking Office of Management and Budget (OMB) approval of new...more

Lowenstein Sandler LLP

SBA Proposes New PPP Borrower’s Questionnaire: Mandatory For Loans Of $2 Million And More

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On October 26, 2020, the Small Business Administration (SBA) published a proposed Paycheck Protection Program (PPP) Loan Necessity Questionnaire for both for-profit and nonprofit borrowers in the Federal Register. This...more

Faegre Drinker Biddle & Reath LLP

SBA Proposes PPP Loan Necessity Questionnaire

On October 26, 2020, the U.S. Small Business Administration (SBA) issued a notice that it is seeking approval from the Office of Management and Budget (OMB) to collect and use certain borrower information to evaluate the...more

Perkins Coie

SBA Questions Borrowers About the Necessity of Their PPP Loans

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Over the course of the last week, the Small Business Administration (SBA) has reportedly begun quietly questioning borrowers who had received Paycheck Protection Program (PPP) loans about the “necessity” of their loans. On...more

Cooley LLP

Alert: Rulemaking Panel Proposes Process for Student Debt Forgiveness Under BDTR

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This is the third in a series of Cooley client alerts that discuss issues raised during the Borrower Defense to Repayment (BDTR) Negotiated Rulemaking. Our first alert discussed the Negotiated Rulemaking itself, and the...more

Ballard Spahr LLP

CFPB use of behavioral economics validated by Executive Order

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Since opening its doors for business, behavioral economics has played a central role in the CFPB’s regulatory agenda. Behavioral economists posit that consumers are not rational decision makers and instead have certain...more

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