Over the course of the last week, the Small Business Administration (SBA) has reportedly begun quietly questioning borrowers who had received Paycheck Protection Program (PPP) loans about the “necessity” of their loans. On October 26, 2020, the SBA filed in the Federal Register a notice (the Notice) seeking approval from the U.S. Office of Management and Budget (OMB) for two forms of questionnaires, starting a 30-day comment period. Form 3509 is intended for for-profit borrowers, and Form 3510 is intended for nonprofit borrowers.
SBA Questions Borrowers about the Necessity of Their PPP Loans
Babcock Solutions
November 11, 2020
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