The SBA recently released the attached draft questionnaires (form 3509 for-non-profits and form 3510 non-profits) which must be completed by any borrower who received more than $2M in PPP loans. Approximately 30,000 of the 5.2M PPP loans are over $2M.
The purpose of the form is for the SBA to evaluate the borrower’s good-faith certification that economic uncertainty made the request necessary. The applicable form requests operational and liquidity information during the period the PPP was disbursed.
We suggest you review the questionnaire in advance recognizing each borrower will have ten days to respond upon receiving the form from the lender.
The following link (https://www.berrydunn.com/news-detail/paycheck-protection-program-new-regulatory-announcements) further discusses the issue and where to send comments.
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Subject to change!
Brad, Tammy and Dimitri