SBA Paycheck Protection Program: Compliance rules for forgiveness and necessity questionnaires to borrowers that received $2 million or more

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SBA Paycheck Protection Program: Compliance rules for forgiveness and necessity questionnaires to borrowers that received $2 million or more
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Program Summary

The Small Business Administration began asking SBA Paycheck Protection Program lenders to issue over 50,000 loan necessity questionnaires to borrowers that received $2 million or more in funds from the PPP. The information collection is extensive and reaches to private and public company borrowers. Also, both non-profit and for-profit borrowers received questionnaires, for which there are two different forms: one for non-profit borrowers and another sent to for-profit firms. The SBA’s questionnaires raise concerns about whether the SBA is going beyond Congress’ intent and if this form creates additional regulatory burdens for already struggling small businesses. Borrowers have just ten business days from receipt of the questionnaire to return the completed form and required supporting documents to the borrower’s financial institution.

This course is co-sponsored with myLawCLE.

Key topics to be discussed:

• It appears that questionnaire responses may be used to determine loan forgiveness or further investigation.
• The information collection is extensive, but with the short timeframe to respond, borrowers should not expect their lender to offer proof-reading services or verifying that all requested information has been collected.
• The SBA forms seek updated and detailed financial information from borrowers, details concerning local COVID-19 shutdown orders, information about other CARES Act aid, and details about dividends and highly compensated owners or employees.

Date / Time: January 25, 2021

•   2:00 pm - 3:00 pm Eastern
•   1:00 pm - 2:00 pm Central
•   12:00 pm - 1:00 pm Mountain
•   11:00 am - 12:00 pm Pacific

Choose a format:

•   Live Video Broadcast/Re-Broadcast: Watch Program "live" in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for "live" CLE credit.
•   On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 5 business days after the original recording date and are view-able for up to one year. 
Closed-captioning available upon request

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Agenda