JD Supra

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

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 ...
JD Supra

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 ...