December 2, 2020
By Robert Jackson, CPA | COVID-19 Response Team
Just before the Thanksgiving holiday, the SBA announced to lenders that the PPP Forgiveness Platform, which is available only to lenders, has been updated to include the new Loan Necessity Questionnaires (i.e. for loans of $ 2 million or more) that we discussed in a previous article. Previously, only draft forms had been circulated on the web. This new announcement from the SBA means that the new questionnaires (form(s) 3509 and 3510) are no longer in draft form.
Early indications are that the SBA will electronically send the lender a review notification letter for a particular borrower after the lender submits the forgiveness application. Once lenders receive the letter, they must notify the borrower within five (5) business days. As we mentioned in our previous article, borrowers must return the completed questionnaire to the lender within 10 business days.
Keep in mind that these procedures are subject to change.
For loans under $2 million, requests for review by the SBA will also go through the lender. It is not clear at this point whether similar time restrictions will be imposed on reviews of smaller loans.
Apple Growth Partners’ published material provides general coverage of its subject area and is presented to the reader for educational purposes based on the most current regulatory information available at the time it was written. All communications, whether written or oral should be reaffirmed prior to the submission of any application. All information in this published material and on our website is provided in good faith; however, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, compliance with any law (federal, state or local) or professional standard or completeness of any information. We assume no responsibility to any recipient of this material to correct or update its contents for any reason, including changes in any law or professional standard. It is not intended to be audit, tax, accounting, advisory, consulting or investment advice. The information in this article is also not a substitute for legal advice and may not be suitable in a particular situation. Consult your attorney for legal advice.
Our articles, other published materials and website occasionally contain links to other web pages. Links to organizations and government agencies are provided as a convenience to our readers. The firm does not endorse and is not responsible for any third-party content that may be accessed from its website and does not recommend or endorse the use of any third-party’s services. The links are to be accessed at the user’s own risk, and the authors of this website make no representations or warranties about the content of these links.