Applies to PPP loans of $2 Million or More
Since the last report, Â鶹´«Ã½ has learned that the Small Business Administration (SBA) Paycheck Protection program (PPP) loan necessity questionnaire is approved and SBA-mandated for borrowers with PPP loans for $2 million or more. As such, applicable borrowers are required to complete it within ten business days of receipt from their lenders. Â鶹´«Ã½ has been busy working to protect members’ proprietary information and loan forgiveness options. On November 17, Â鶹´«Ã½ joined a broad and diverse business coalition in calling on Congress to encourage SBA to suspend its use of the questionnaire. Â鶹´«Ã½ is weighing options for potential litigation to suspend the collection of information through it.
Previous versions of the questionnaire included an expiration date of October 31 but were sent after that date to some borrowers. The questionnaire has since received an emergency extension through November 30. Lenders are providing this questionnaire to borrowers either in fillable PDF form or by directing them to the SBA’s PPP loan web portal.
If you have any questions, comments, or concerns, please feel free to reach out to Matthew Turkstra at matthew.turkstra@agc.org, or (202) 547-4733.