The U.S. Small Business Administration (SBA) has informed lenders that it is eliminating the loan necessity review for Paycheck Protection Program (PPP) loans of $2 million or greater.
In a July 9 notice, the SBA said it would no longer request either version of the Loan Necessity Questionnaire: SBA Form 3509 for for-profit borrowers and SBA Form 3510 for not-for-profit borrowers.
For PPP loans with an open request for additional information related to the Loan Necessity Questionnaire, the SBA advised lenders to close the request in the PPP computer platform and submit the loan back to the SBA.
The changes are effective immediately. Learn more.