SBA Drops PPP Necessity Questionnaire on $2 Million Loans
By Jennifer Mailhes, CPA – Shareholder, Business Advisory Group
On July 9, the Small Business Administration (SBA) announced it has rescinded its requirement for Paycheck Protection Program (PPP) borrowers with loans greater than $2 million to complete a loan necessity questionnaire. This change was made effective immediately, but the SBA said there are FAQs to come to offer more clarity.
For PPP loans with open requests for additional information to the Loan Necessity Questionnaire, the SBA suggests lenders close the request in their PPP computer platform and resubmit the loan to the SBA.
If you have questions about PPP loan forgiveness for your unique situation, contact our team of PPP advisors today.
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