July 15, 2021: Written by Christopher M. Leddy, Esq.
According to the Journal of Accountancy,1 on July 9, 2021, the SBA withdrew its requirement that borrowers with Payroll Protection Program (“PPP”) loans over $2 million complete and submit the PPP Loan Necessity Questionnaire (SBA Form 3509 for for-profit borrowers and SBA Form 3510 for not-for-profit borrowers) as part of borrowers’ forgiveness applications. This withdrawal is effective immediately and also applies to “…PPP loans with an open request for additional information related to the Loan Necessity Questionnaire…” and “…the SBA [has] advised lenders to close the request in the PPP computer platform and submit the loan back to the SBA.” See footnote 1.