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ARTICLE · 23 DECEMBER 2020

Payroll Protection Program: Practical Advice For Completing Your Loan Necessity Questionnaire

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These Questionnaires are distributed by the lender and must be returned within 10 business days of receipt.

United StatesEmployment and HR
Labor And Employment Group
Labor And Employment Group
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The Small Business Administration (SBA) announced in April 2020 that it will audit all loans of $2 million or more (including loans made to covered affiliates) at the time that loan forgiveness is sought, and other loans, as appropriate, will be reviewed for eligibility, fraud, abuse, and compliance with loan forgiveness requirements. SBA has now issued Loan Necessity Questionnaires (Questionnaires) through SBA Form 3509 and 3510, applicable to for-profit and not-for-profit borrowers respectively, to facilitate the collection of supplemental information from borrowers to be used during the review process. These Questionnaires are distributed by the lender and must be returned within 10 business days of receipt.

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