Borrowers of PPP Loans of $2M or More Must Justify Necessity
By EsqSocial Corporation 09/11/20
For-profit and non-profit borrowers of PPP loans of $2MM or more are now required to submit additional forms. On October 26, 2020, the SBA published a notice seeking Office of Management and Budget (OMB) approval of new forms to be submitted by for-profit and non-profit borrowers of PPP loans of $2 million or greater with their forgiveness applications. The two forms, Form 3509 Loan Necessity Questionnaire (For-Profit Borrowers) and Form 3510 Loan Necessity Questionnaire (Non-Profit Borrowers)...
By: Downs Rachlin Martin PLLC