PPP Update: SBA Issues Loan Necessity Questionnaires with 10-Day Turnaround
By EsqSocial Corporation 03/11/20
The Small Business Administration (SBA) has released two loan necessity questionnaire forms (Form 3509 for for-profit borrowers and Form 3510 for nonprofits) for lenders to transmit to certain Paycheck Protection Program (PPP) borrowers. The SBA intends to use these forms to collect information “to inform SBA’s review of [a borrower’s] good-faith certification that economic uncertainty made [the borrower’s] loan request necessary to support [its] ongoing operations.” While this is not a...
By: McDermott Will & Emery