News & Analysis as of

Questionnaires Loan Forgiveness

Chambliss, Bahner & Stophel, P.C.

SBA Discontinues Reliance on Loan Necessity Questionnaires

On July 29, 2021, the Department of the Treasury published updates to its Paycheck Protection Program FAQs. The updates come in response to the Small Business Administration’s (SBA) decision to discontinue the use of its Loan...more

Bradley Arant Boult Cummings LLP

Hold Those Forms: AGC Announcement Raises Doubts on PPP Questionnaire

The Small Business Administration’s Paycheck Protection Program (PPP) Loan Necessity Questionnaire may soon be a thing of the past. Last fall the SBA began requiring lenders to provide certain questionnaires to PPP borrowers...more

Schwabe, Williamson & Wyatt PC

PPP Loans Over $2 Million and the PPP Necessity Questionnaires - Update #3

Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There...more

Schwabe, Williamson & Wyatt PC

PPP Loans $2 Million and Up and the PPP Necessity Questionnaires

Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There...more

Schwabe, Williamson & Wyatt PC

Asking for Forgiveness: Revised PPP Loan Forgiveness Applications and Guidance

Forgiveness ‎Applications and the detailed instructions for the revised and updated applications posted on January 19, 2021, ‎as well as other forgiveness procedures as updated by the Economic Aid to Hard-Hit Small...more

Schwabe, Williamson & Wyatt PC

PPP Loans Over $2 Million and the PPP Necessity Questionnaires - Update #2

Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. There are...more

Schwabe, Williamson & Wyatt PC

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #7

Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more

BakerHostetler

SBA and Treasury Department to Increase Scrutiny of PPP Loans

BakerHostetler on

The Treasury Department and the Small Business Administration (SBA) updated the Paycheck Protection Program (PPP) frequently asked questions on Dec. 9, 2020, indicating PPP borrowers that obtained a PPP loan of $2 million or...more

Schwabe, Williamson & Wyatt PC

PPP Loans Over $2 Million and the PPP Necessity Questionnaires - Update

Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. The...more

Partridge Snow & Hahn LLP

SBA Provides New Guidance on Loan Necessity Questionnaires for PPP Loan Recipients: Prepare Now or Risk Being Denied Forgiveness

On December 9, 2020, the Small Business Administration (the “SBA”) released Paycheck Protection Program (“PPP”) Loans FAQ #53, which provides additional information regarding the Loan Necessity Questionnaires (SBA Forms 3509...more

Chambliss, Bahner & Stophel, P.C.

Key Guidance on SBA's Loan Necessity Questionnaire for Paycheck Protection Program Loans

The U.S. Small Business Administration (SBA) issued guidance on the recently issued “Loan Necessity Questionnaire” (SBA Form 3509/3510). Lenders must require Paycheck Protection Program (PPP) borrowers to complete the...more

Schwabe, Williamson & Wyatt PC

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #5

Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more

Arnall Golden Gregory LLP

SBA’s New PPP Loan Necessity Questionnaires Target PPP Recipients with Loans of $2M

On October 31, 2020, the U.S. Small Business Administration (“SBA”) published a Notice in the Federal Register seeking approval from the Office of Management and Budget for the collection of information through, among other...more

Foley & Lardner LLP

New SBA PPP Loan Necessity Questionnaire Is Available Prior To OMB Approval: Are Lenders Jumping the Gun?

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On October 26, 2020, the Small Business Administration (SBA) published notice in the federal register that it is seeking approval from the government’s Office of Management and Budget (OMB) to release two new forms (Form 3509...more

Akin Gump Strauss Hauer & Feld LLP

The Paycheck Protection Program: New SBA Questionnaires Require Borrowers of $2 Million or More to Provide Justification for...

Key Points - On October 26, 2020, the SBA announced its intent to require a Necessity Questionnaire for borrowers that received PPP loans of $2 million or greater. - The SBA intends to use the Necessity Questionnaire...more

Schwabe, Williamson & Wyatt PC

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #4

Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more

Schwabe, Williamson & Wyatt PC

PPP Loans Over $2 Million and the PPP Necessity Questionnaires

Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. The...more

Fisher Phillips

New SBA Questionnaire Raises Stakes For Businesses That Borrowed Over $2 Million In PPP Loans

Fisher Phillips on

The Small Business Administration (SBA) has released loan necessity questionnaires that lenders must issue to over 50,000 borrowers that received $2 million or more in funds from the Paycheck Protection Program (PPP) – and...more

Pillsbury Winthrop Shaw Pittman LLP

New SBA Questionnaires Ask Borrowers to Justify PPP Loan Necessity

The Small Business Administration’s questionnaires request information related not only to the economic condition of the borrower at the time it received the PPP loan, but also about its economic experience after receiving...more

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