The SBA recently released news that large PPP Loan borrowers (businesses receiving loans of $2 million and above) must now complete forms on the necessity of the loan. SBA Form 3509 is for For-Profit borrowers and SBA Form 3510 is for Non-Profit borrowers.
The roughly 30,000 businesses with loans over $2 million will have ten days to complete the nine page form once it has been provided by their bank. Although the questions in the forms are very straight-forward, the final optional question does allow the business to include some additional details that may help them show the loan necessity.
For more information, refer to the Journal of Accountancy’s article on this recent update or see the SBA’s Paycheck Protection Program Page.
Contact your accountant with any questions and remember to follow us on LinkedIn to stay up to date on all of our posts.
For more information, refer to the Journal of Accountancy’s article on this recent update or see the SBA’s Paycheck Protection Program Page.
Contact your accountant with any questions and remember to follow us on LinkedIn to stay up to date on all of our posts.
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