Since November 2020, SBA has required Form 3509, Loan Necessity Questionnaire (for-profit borrowers) and Form 3510, Loan Necessity Questionnaire (nonprofit borrowers) from borrowers requesting PPP loan forgiveness of $2 million or more when aggregated with PPP loans received by affiliates.
Subsequently, can self employed get PPP loan?
You can apply for a PPP loan as a self-employed individual once applications open for the 1,800 qualified SBA lenders.
Consequently, has SBA forgiven any PPP loans over $2 million?
Out of the 28,913 PPP borrowers with loans of $2 million and above in 2020, 26,306 have submitted for forgiveness, or about 91%.
Is 3509 still required?
Update: As of early July 2021, the SBA is discontinuing the use of the Necessity Questionnaires (Form 3509 and Form 3510) and informed lenders that the forms are no long required.
Is PPP coming back July 2021?
On June 25th, the Federal Reserve Board announced (Off-site) it will extend for a final time its Paycheck Protection Program Liquidity Facility (PPPLF) by an additional month to July 30, 2021. … The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral.
Is PPP still available 2021?
Notice: PPP ended May 31, 2021
The PPP ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 relief.
Is the SBA forgiving loans?
The SBA is launching a new direct forgiveness process that provides PPP lenders with an optional technology solution that essentially will allow their borrowers to apply for loan forgiveness directly to the SBA through the new portal that will launch Aug. 4.
Is there a Round 2 of PPP?
If you received a PPP loan in 2020, you may be eligible to apply for a second PPP loan if your business suffered a loss in revenue in 2020. … This means, like the first PPP loan, the second round of PPP loans will also be fully forgivable if you follow the forgiveness guidelines.
What is a 3509?
PAYCHECK PROTECTION PROGRAM
LOAN NECESSITY QUESTIONNAIRE (FOR-PROFIT BORROWERS) The purpose of this form is to facilitate the collection of supplemental information that will be used by. SBA loan reviewers to evaluate the good-faith certification that you made on your PPP Borrower.
Will I be audited for PPP?
The Small Business Administration (“SBA”) has announced it will audit all PPP loans in excess of two million dollars following a lender’s submission of a borrower’s loan forgiveness application, and it reserves the right to “spot check” any PPP loan of a lesser amount at its discretion.
Will there be PPP Round 3?
A third round of Paycheck Protection Program (PPP) loans was authorized by the passage of H.R. 133: Consolidated Appropriations Act, 2021 into law on Dec. 27, 2020. … Business owners can still apply for an EIDL loan but PPP loans are no longer available.