New SBA Questionnaires Ask Borrowers to Justify PPP Loan Necessity
By EsqSocial Corporation 03/11/20
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 the loan. On April 23, 2020, Paycheck Protection Program (PPP) Frequently Asked Question (FAQ) No. 31 informed borrowers that they were required to consider “their ability to access other sources of liquidity” before certifying in their loan applications that “[c]urrent...
By: Pillsbury Winthrop Shaw Pittman LLP