PPP // Form 3509 Loan Necessity QuestionnaireNovember 06, 2020
The SBA issued a notice regarding its intent to release two new forms regarding loan necessity for borrowers of the Paycheck Protection Program (PPP). The SBA is now creating these forms (known as Loan Necessity Questionnaire) that lenders will be required to distribute to PPP borrowers who together with their affiliates, received loans greater than $2 million. The questionnaire forms have not been officially released by the SBA, which means they may change, remain the same, not be used at all, or could be replaced.
We sat down with Andrew Howe, CPA with BerganKDV and Steve Dickinson, Attorney with Cozen O’Connor Law Firm to discuss what we anticipate to happen with Form 3509 and what organizations should be doing to prepare.
Due to the nature of the eligibility questions and the amount of data required, we urge organizations to reach out to their trusted advisor and begin discussions around form responses.
Check out our previous episode on PPP where we cover a brief history of the program, how it was rolled out with the first two rounds of funding and the many questions still surrounding forgiveness and possibilities of future stimulus. Listen here.
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