Businesses and not-for-profits that received $2 million or more in Paycheck Protection Program (PPP) loans must complete one of two new loan necessity questionnaires sent to lenders by the U.S. Small Business Administration (SBA) for distribution to borrowers.
The new forms collect supplemental information SBA loan reviewers will use in evaluating the good-faith certification borrowers made on their PPP applications that economic uncertainty made their loan request necessary.
About 30,000 of the 5.2 million PPP loans given were for $2 million or more, according to the SBA. Learn more about the forms here.