SBA Requires Questionnaire To Evaluate Borrowers’ Certifications Of Necessity For Paycheck Protection Program Loans Over $2 Million
By EsqSocial Corporation 04/11/20
The Small Business Administration (“SBA”) will require lenders to issue Loan Necessity Questionnaires to borrowers to collect information for the agency’s review of large Paycheck Protection Program (“PPP”) loans. Each PPP borrower with a loan of $2 million or more (together with its affiliates as determined under the applicable SBA affiliation rules) must complete this new questionnaire......
By: Vinson & Elkins LLP