The Small Business Association (SBA) recently announced to its lending partners a policy change to remove the requirement for Paycheck Protection Program (PPP) borrowers to submit a Loan Necessity Questionnaire when applying for forgiveness on loans of $2 million or more.
Loan Necessity Questionnaires, also known as SBA Form 3509 and 3510, are no longer required, and the SBA has stated that the module lenders use within the PPP platform will be removed. The SBA noted that lenders with an open request for additional information related to a Loan Necessity Questionnaire are instructed to close the request in the platform and submit the loan back to the SBA for forgiveness processing.
Earlier this month, the SBA announced that it awarded $28.6 billion to restaurants through the Restaurant Revitalization Fund program launched a few months ago. The SBA reports that it helped over 100,000 restaurants, with $18 billion of the awarded funds going to underserved populations, and with an average size award of $283,000. The Restaurant Revitalization Fund platform will continue to remain open until July 14, 2021, when the SBA will disable the platform. If anyone needs to obtain information regarding their grant award, it is encouraged to act quickly before the platform closes.
For further information, please contact any member of Taft’s SBA Task Force.
Please visit our COVID-19 Toolkit for all of Taft’s updates on the coronavirus.