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Butler, PA 16001
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Erie

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Erie, PA 16506
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26-28 West King Street
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Lancaster, PA 17603
p: 717.232.1230
f: 717.232.8230
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Pursuing the Profession While Promoting the Public Good®

Contact Us
Pittsburgh

D.L. Clark Building
503 Martindale Street, Suite 600
Pittsburgh, PA 15212
p: 412.471.5500
f: 412.471.5508
Directions
<a href="mailto:ROgun@md-cpas.com">Email</a>

Butler

112 Hollywood Drive
Suite 204
Butler, PA 16001
p: 724.285.6800
f: 724.285.6875
Directions
<a href="mailto:ROgun@md-cpas.com">Email</a>

Harrisburg

1800 Linglestown Road
Suite 306
Harrisburg, PA 17110
p: 717.232.1230
f: 717.232.8230
Directions
<a href="mailto:ROgun@md-cpas.com">Email</a>

State College

243 South Allen Street
Suite 337
State College, PA 16801
p: 412.471.5500
f: 412.471.5508
Directions
<a href="mailto:ROgun@md-cpas.com">Email</a>

Erie

2216 West 50th Street
Suite 101
Erie, PA 16506
p: 814.983.0330
f: 412.471.5508
Directions
<a href="mailto:ROgun@md-cpas.com">Email</a>

Lancaster

26-28 West King Street
Suite 303
Lancaster, PA 17603
p: 717.232.1230
f: 717.232.8230
Directions
<a href="mailto:rogun@md-cpas.com">Email</a>

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Home > Industry Insights Blog > Loan Necessity Questionnaire Required For $2M+ PPP Loan Recipients

Loan Necessity Questionnaire Required For $2M+ PPP Loan Recipients


Did your organization receive a Paycheck Protection Program (PPP) loan of $2,000,000 or more? You are now required to complete a loan necessity questionnaire per a recent article from the Journal of Accountancy. The questionnaires are being sent directly by the Small Business Administration (SBA) to lenders to distribute to borrowers. The SBA will utilize the questionnaires to evaluate that borrowers’ economy uncertainty is what necessitated their loan application. The applicable form for non-profits is SBA Form 3510, Paycheck Protection Program Loan Necessity Questionnaire (Non-Profit Borrowers). You can preview the form here.

Upon receipt of the questionnaire from your lender, you will be given 10 business days to return the completed form and required supporting documents to the lender. Lenders are not required to verify or validate any of the borrower's responses or supporting documents on the loan necessity questionnaires, according to the SBA. At this time, it is not clear if the 10-day deadline will be extended, but the SBA is expected to release more guidance. We recommend you view this form and begin gathering the required documentation needed as soon as possible given the short turn-around time

We also recommend that you submit contemporaneous records that explain your organization’s situation and thought process at the time you applied for a PPP loan. Like many organizations in your situation, those records will document your uncertainty regarding the length and severity of the lockdowns impacts on your operations.

If you have any questions regarding PPP loan forgiveness for your organization, please contact us.