SBA Releases Loan Necessity Questionnaires For PPP Loans In Excess Of $2 Million
By EsqSocial Corporation 05/11/20
The U.S. Small Business Administration (“SBA”) has released two Loan Necessity Questionnaires – one for for-profit businesses, the other for nonprofits – for recipients of Paycheck Protection Program (“PPP”) loans of $2 million or more. The questionnaires are designed to help the SBA evaluate a borrower’s good-faith certification that its loan request was necessary to support ongoing operations. A borrower that receives a questionnaire from its lender must return the questionnaire within 10...
By: Hahn Loeser & Parks LLP