SBA To No Longer Rely on Economic Necessity Questionnaires in Processing PPP Forgiveness Applications

Crowell & Moring – On July 29, 2021, the Small Business Administration announced in an FAQ that it is discontinuing any reliance on the Loan Necessity Questionnaires, which the SBA had required of each borrower, that together with its affiliates, received Paycheck Protection Program loans with a principal amount of $2 million or greater.