SBA Issues Loan Necessity Questionnaires to PPP Recipients; Signals Next Step in Loan Compliance Investigations

The U.S. Small Business Administration (SBA) has begun to issue loan necessity questionnaires to Payroll Protection Program (PPP) borrowers, adding clarity to the good faith certification they required with initial applications. The distribution of Loan Necessity Questionnaires (SBA Form 3509 or 3510) to lenders of loans of $2 million or more is the first step toward identifying loans that spur further audit or investigation....
By: Harris Beach PLLC

Array