SBA Issues Questionnaires to Borrowers for PPP Loans of $2M or More

As part of its review of Paycheck Protection Program loans totaling $2 million or more, the Small Business Administration will begin sending loan necessity questionnaires that will inform SBA’s evaluation of borrowers’ good-faith certification of their economic need. SBA has developed two versions of the questionnaire—one for non-profit borrowers and one for for-profit borrowers.

Lenders who have submitted loan forgiveness decisions for these borrowers can expect to receive notification letters through the SBA Forgiveness Platform requesting that borrowers complete the questionnaire and providing general instructions on which documents to provide to SBA. However, SBA noted that lenders are not required to verify or validate borrowers’ responses or any supporting documents related to the questionnaire. Lenders may contact [email protected] with any questions.