PPP Borrowers of $2M or More Must Submit SBA Questionnaire to Their Lenders

Paycheck Protection Program lenders have begun distributing a new SBA Form 3509 to for-profit PPP borrowers with loans of $2 million or more. The questionnaire focuses on the certifications borrowers made when they originally applied for their loans. Questionnaires must be completed and returned to lenders within 10 days after receipt. A failure to accurately complete the questionnaire or provide associated documentation could result in a determination by SBA that the borrower was ineligible for either the PPP loan or is ineligible for loan forgiveness.

Dealers filing SBA Form 3509 are encouraged to consult with their PPP lender, CPA and/or legal counsel. An NADA analysis of PPP certification issues is available on the NADA Coronavirus Hub; direct questions to [email protected].