By Thomas L. Hofstetter, Esq., Heidi K. Hoffman-Shalloo, Esq. and Robert F. McAnanly, Jr., Esq.

The Small Business Administration (“SBA”) will soon be releasing two new questionnaires to be completed by Borrowers who received PPP loans of $2 million or more. Those questionnaires will assist SBA in assessing the appropriateness of borrowers’ prior good faith certifications that current economic conditions made the PPP loans necessary to support ongoing business operations. The new “Loan Necessity Questionnaires” consist of SBA Form 3509 (for-profit entities) and SBA Form 3510 (non-profit entities).  Questions regarding the new forms should be sent to PPPForgivenessRequests@sba.gov with the subject line “Loan Necessity Questionnaire”. The Loan Necessity Questionnaires have not been posted on either the Treasury or SBA websites, but have been disseminated by the SBA to certain lenders and borrowers. 

DISCLAIMER:  This Alert is designed to keep you aware of recent developments in the law. It is not intended to be legal advice, which can only be given after the attorney understands the facts of a particular matter and the goals of the client.