On Dec. 9, the Small Business Administration published , addressing why certain borrowers will receive Paycheck Protection Program Loan Necessity Questionnaires. The SBA also publicly released and questionnaires.

According to the FAQ, SBA is reviewing all loans of $2 million or more and the questionnaire is part of this process. The questionnaire is due 10 business days after a borrower receives it from their lender.

ÀÏÅ£Ó°ÊÓhas expressed concerns to Congress and the administration about the onerous burden these questionnaires will place on our nation’s small businesses, which continue to struggle due to COVID-19 restrictions in states and local communities. Further, the new questionnaires could have a chilling effect on businesses applying for a potential new round of PPP funding and would limit the impact of this critical program in our nation’ recovery.  

ÀÏÅ£Ó°ÊÓjoined a coalition of 80 organizations in letters to congressional leaders and SBA/Treasury regarding the PPP Loan Necessity Questionnaires. ÀÏÅ£Ó°ÊÓhas also urged Congress to act on this issue in an and recent letter to Congress. ÀÏÅ£Ó°ÊÓwill continue to monitor this critical issue and provide updates on any congressional or administration responses.