PPP // Form 3509 Loan Necessity Questionnaire

PPP // Form 3509 Loan Necessity Questionnaire

 

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. 

You can reach Steve Dickenson at SDickinson@cozen.com and Andrew Howe at andrew.howe@bergankdv.com

 

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. 

The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.

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