PPP Necessity Form: What Contractors Need to Know
By Jenn Goodman, Construction Dive
Construction firms that received a Paycheck Protection Program loan of more than $2 million got news late last month that they will be required to fill out a form verifying their need for the loan.
The Small Business Association is mandating that these borrowers complete a loan necessity questionnaire regarding their operations and financial conditions during the pandemic.
The form has led to pushback from a variety of business groups. More than 80 associations, including several representing the construction industry.
The SBA has indicated that it will use the questionnaire data to evaluate the good faith certification made on the PPP borrower’s application that states that economic uncertainty made the loan request necessary. The questionnaire also reflects the SBA’s effort to maximize program integrity and protect taxpayer resources.