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The SBA updated its Paycheck Protection Program frequently asked questions with guidance on why some PPP borrowers are receiving a loan necessity questionnaire.
FAQ #53 notes that SBA is providing the questionnaire to lenders to provide to PPP borrowers that received loans of $2 million or more. Upon request from lenders, borrowers should return the completed questionnaire to lenders within 10 business days, it says.
ICBA has repeatedly raised questions about the questionnaire among policymakers and called on the SBA to suspend the questionnaires while it addresses lender and borrower concerns.
ICBA is urging community bankers to direct borrowers to ICBA's small-business alert addressing Economic Injury Disaster Loan Advance deductions from PPP forgiveness amounts.
ICBA recently expressed strong support for House and Senate legislation that would restore forgiveness for Economic Injury Disaster Loan Advance recipients who also have a Paycheck Protection Program loan.