Would Impact PPP Loans of $2M or More
On Oct. 26, U.S. Small Business Administration (SBA) announced that Paycheck Protection Program (PPP) lenders would send a questionnaire to PPP borrowers who received a principal loan amount of $2 million or more and have to return a completed questionnaire in ten days. No questionnaire had been released until late on Oct. 30, when Politico released what appears to be a leaked version of the questionnaire, found here. As of this moment, the SBA has neither verified the Politico released questionnaire nor released an official one. The questionnaire is subject to review by and final approval of the White House Office of Management and Budget. AGC remains committed to ensuring AGC member PPP borrowers can receive loan forgiveness as Congress intended under the CARES Act, not SBA’s hindsight rulemaking and guidance.
For more information, contact Matt Turkstra at Matthew.Turkstra@agc.org.