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November 17, 2020 | Posted in:

New PPP Forgiveness Forms for Loan Borrowers Over $2 Million

The Small Business Association is releasing two new PPP Loan forms for businesses that borrowed $2 million or more. For-profit businesses will receive Form 3509: Loan Necessity Questionnaire and non-profit businesses will receive Form 3510: Loan Necessity Questionnaire. Both forms are designed to provide information to the Small Business Administration with respect to the certifications made on the borrower’s application for PPP funds. There are two sections to complete – a Business Activity Assessment and a liquidity Assessment. The questionnaires also provides borrowers an opportunity to add information and comments that are industry-specific. These forms should be completed with the help of an accountant as the responses can impact the amount of loan forgiveness.

Click here for form 3509: Loan Necessity Questionnaire

Click here for Form 3510: Loan Necessity Questionnaire

The instructions indicate that these forms, along with any supporting documentation, must be returned to the lender within ten business days of receipt. We recommend borrowers with aggregate loans of $2 million or more start gathering the information now in order to be prepared to respond timely when they receive the official request from their lenders.

Please note, these forms have not been released publicly by the SBA and may be revised in the final release.

Is your PPP loan under $2,000,000?  Click here.

Please contact us if you have any questions.

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