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First Draw PPP Loans $2 Million and Up and the PPP Necessity Questionnaires - Update #2 | Schwabe, Williamson & Wyatt PC

First Draw PPP Loans $2 Million and Up and the PPP Necessity Questionnaires - Update #2 | Schwabe, Williamson & Wyatt PC
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PPP Loans Over $2 Million and the PPP Necessity Questionnaires - Update #3 | Schwabe, Williamson & Wyatt PC

PPP Loans Over $2 Million and the PPP Necessity Questionnaires - Update #3 | Schwabe, Williamson & Wyatt PC
jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.

United States , District Of Columbia , United States District Court , Paycheck Protection Program , Small Business Administrations , First Draw , Second Draw , Associated General Contractors , Necessity Questionnaire , American Rescue Plan Act , Economic Aid , Hard Hit Small Businesses , Consolidated Appropriations Act , Economic Aid Act , Said Act , Interim Final Rules , Second Draw Loans , Frequently Asked Questions , Interim Final Rule , Loan Amount Calculations , Loan Necessity , Timely Forgiveness , Information Act , Loan Necessity Questionnaire , First Draw Loan , Because Second Draw ,

First Draw PPP Loans $2 Million and Up and the PPP Necessity Questionnaires - Update | Schwabe, Williamson & Wyatt PC

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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 Ma ....

United States , District Of Columbia , United States District Court , Paycheck Protection Program , Small Business Administrations , First Draw , Second Draw , American Rescue Plan Act , Economic Aid , Hard Hit Small Businesses , Consolidated Appropriations Act , Economic Aid Act , Said Act , Interim Final Rules , Second Draw Loans , Frequently Asked Questions , Interim Final Rule , Loan Amount Calculations , Loan Necessity , Associated General Contractors , Timely Forgiveness , Information Act , Loan Necessity Questionnaire , First Draw Loan , Because Second Draw , Coronavirus Aid ,

PPP Loans Over $2 Million and the PPP Necessity Questionnaires - Update | Schwabe, Williamson & Wyatt PC

To embed, copy and paste the code into your website or blog:
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. The questionnaires are not on the official SBA sites. There are two questionnaire forms: 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”).
Takeaway: Borrowers with loans over $2 million should gather the requested information now in anticipation of the lender’s request. The FAQ #53 clarifies that the SBA’s prior guidance that the “necessity” certification must have been made in good faith ....

United States , District Of Columbia , United States District Court , Paycheck Protection Program , Small Business Administrations , Associated General Contractors , Loan Necessity Questionnaire , Coronavirus Aid , Economic Security Act , Information Act , Activity Assessment , Gross Revenue , Improvement Projects , Business Activity Assessment , Liquidity Assessment , Not Specifically Requested , ஒன்றுபட்டது மாநிலங்களில் , மாவட்டம் ஆஃப் கொலம்பியா , ஒன்றுபட்டது மாநிலங்களில் மாவட்டம் நீதிமன்றம் , சம்பள காசோலை ப்ரொடெக்ஶந் ப்ரோக்ர்யாம் , தொடர்புடையது ஜநரல் ஒப்பந்தக்காரர்கள் , பொருளாதார பாதுகாப்பு நாடகம் , தகவல் நாடகம் , நடவடிக்கை மதிப்பீடு , மொத்த வருவாய் , முன்னேற்றம் ப்ராஜெக்ட்ஸ் ,