Latest Breaking News On - First draw - Page 8 : comparemela.com

To embed, copy and paste the code into your website or blog: Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There are two questionnaire forms on the Treasury: Form 3509 for for-profit borrowers and Form 3510 for non-profit borrowers. On December 9, 2020, the SBA released FAQ 53, which provides some clarifications on the questionnaire (the “FAQ #53”). Update: Starting in March 2021, we saw borrowers with loans of $2 million or greater starting to receive requests for additional materials (such as the maintained documents) or being informed by their lenders that they were under “SBA review.” Also, in March, April, and May 2021, we saw several lenders (and perhaps the SBA) stop processing forgiveness applications while they were working on new First Draw and Second Draw PPP Loans. In late May, the le

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