SBA Paycheck Protection Program: Compliance rules for forgiveness and necessity questionnaires to borrowers that received $2 million or more

SBA Paycheck Protection Program: Compliance rules for forgiveness and necessity questionnaires to borrowers that received $2 million or more

Dec 10, 2020

Presentation

Co-speaker, Federal Bar Association with MyLawCLE, December 10, 2020

The Small Business Administration began asking SBA Paycheck Protection Program lenders to issue over 50,000 loan necessity questionnaires to borrowers that received $2 million or more in funds from the PPP. The information collection is extensive and reaches to private and public company borrowers. Also, both non-profit and for-profit borrowers received questionnaires, for which there are two different forms: one for non-profit borrowers and another sent to for-profit firms. The SBA’s questionnaires raise concerns about whether the SBA is going beyond Congress’ intent and if this form creates additional regulatory burdens for already struggling small businesses. Borrowers have just ten business days from receipt of the questionnaire to return the completed form and required supporting documents to the borrower’s financial institution.

Meet The Team

Sarah Auchterlonie Shareholder T 303.223.1228 sja@bhfs.com
Alissa H. Gardenswartz Shareholder T 303.223.1207 agardenswartz@bhfs.com
Sarah M. Mercer Shareholder T 303.223.1139 smercer@bhfs.com