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COVID-19 Business Updates
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New Questionnaire for Larger PPP Borrowers

December 4, 2020

Lenders have been asking large borrowers (those that received PPP loans in excess of $2 million) to complete SBA Form 3509 – Loan Necessity Questionnaire (For-Profit Borrowers) or SBA Form 3510-Loan Necessity Questionnaire (Non-Profit Borrowers).  The form requires borrowers to compare the borrower’s gross receipts before and after the PPP loan was received, provide liquidity information, and disclosure if any employees were paid more than $250,000 per employee, among other items.  The form states it will be used by the SBA loan reviewers to evaluate the certification made by borrowers on their PPP Borrower Applications that the economic uncertainty made the loan request necessary.

Click here for a copy of the 3509 Form - For Profit PPP Loan Necessity Questionnaire.