We reported last month that the Small Business Administration (SBA) was planning to withdraw its controversial Loan Necessity Questionnaire for Paycheck Protection Program loans of $2 million or more. In a notice sent July 9, the SBA officially stated they are no longer requesting the questionnaire for either for-profit or nonprofit borrowers.
Loan Necessity Questionnaires previously requested by the SBA are no longer required to be submitted. For PPP loans with an open request for additional information related to the Loan Necessity Questionnaire, the SBA advised lenders to close the request in the PPP computer platform and submit the loan back to the SBA.
The changes are effective immediately, but the SBA said it would release an FAQ shortly with more details. We will keep you informed on any development impacting your business loan or application.
