SBA Expected to Remove PPP Loan Necessity Questionnaire Requirement

The U.S. Small Business Administration (SBA) appears to be in the process of removing the requirement that Paycheck Protection Program (PPP) borrowers submit a Loan Necessity Questionnaire when applying for forgiveness on loans of $2 million or more.

Per AICPA Town Hall on June 24, the AICPA believes that the loan necessity questionnaire requirement [SBA Form 3509, Paycheck Protection Program Loan Necessity Questionnaire (For-Profit Borrowers), and SBA Form 3510, Paycheck Protection Program Loan Necessity Questionnaire (Non-Profit Borrowers)] will be eliminated for those businesses which received loans of $2 million or more, however there is no official announcement from the SBA.

If your business requires one of these forms for a forgiveness application currently in process, contact your bank to determine if these documents are still required.