SBA Developing PPP Loan Necessity Questionnaire
Post date
November 12, 2020
Body
As previously reported, the U.S. Small Business Administration (SBA) is planning to require all recipients of loans of $2 million or more to complete a questionnaire to demonstrate the need for their loan. This form, based on versions leaked to the media and still in the works, appears to arbitrarily mandate that many borrowers provide proprietary financial information to the SBA. AGC of America remains committed to confirming that construction firms were eligible for PPP loans and loan forgiveness as Congress intended under the CARES Act. And we remain committed to blocking the SBA’s efforts to disregard the law via its rulemaking, guidance and threats of federal audit.
What AGC of America is Doing about the Loan Necessity Questionnaire
- Putting together a complimentary webinar for AGC members to walk them through the draft questionnaire and the current state of play;
- Working with a top law firm to put the SBA on notice of the considerable legal issues presented by the draft questionnaire;
- Investigating options for potential litigation for if or when a loan necessity questionnaire as arbitrary and capricious as the draft is released and mandated; and
- Taking the lead in organizing a broad and diverse coalition across the business community to push back on Capitol Hill.