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Contractor’s Revenue Recognition Reminder Checklist
The Small Business Administration (SBA) issued two loan necessity questionnaires for Paycheck Protection Program (PPP) borrowers, together with their affiliates, with loans of $2 million or more. The questionnaires will be used to evaluate the good-faith certification of economic need for PPP loans, and two separate forms have been issued for for-profit and non-profit borrowers.
Copies of the forms are available below:
These forms are not currently available on the SBA’s website, however, they have begun issuing them to lenders for distribution. Once the form is issued, PPP loan borrowers are required to complete the form and submit it back to the lender, along with their required supporting documents, within 10 business days of receipt.
Based on our review of the forms, required supporting documentation includes:
For for-profit borrowers, additional supporting documentation includes:
For non-profit borrowers, additional supporting documentation includes:
Failure to complete the form and its required supporting documents may result in the borrower being made ineligible for either the PPP loan, the PPP loan amount or any loan forgiveness.
Borrowers who meet the $2 million threshold should consider preparing for these requests now to ensure they meet the form submission deadline. To obtain assistance, contact Doeren Mayhew’s dedicated advisory group today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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