Amisight 7/12: SBA Set to Drop Many Reporting Requirements for Larger PPP Loans
On Friday, Diana Ransom of Inc reported that the SBA is dropping supplemental reporting requirements for the forgiveness process of loans of $2 M or more. And effective immediately, the SBA says it will no longer request the loan necessity questionnaire (SBA Form 3509) for any PPP loan reviews. (It will also pull the nonprofit loan necessity questionnaire, SBA Form 3510.) The SBA has advised lenders that they intend to drop many of the requirements and publish more information shortly.
For larger borrowers who have not put in their forgiveness applications yet, my advice is to wait and see how the dust settles before deciding how to proceed.