Updates to SBA’s PPP loan FAQ for borrowers and lenders
FINANCIAL REPORTING INSIGHTS |
On July 29, 2021, the Small Business Administration (SBA) updated its FAQ for PPP Borrowers and Lenders (the FAQ) to reflect the SBA’s discontinuance of the use of the Loan Necessity Questionnaire for purposes of determining whether the borrower was eligible for a Paycheck Protection Program (PPP) loan. (See our article, Withdrawal of SBA loan necessity questionnaire for PPP loans.) We have updated our white papers, Coronavirus: Financial reporting considerations and Borrower’s accounting for Paycheck Protection Program loans, to reflect the updated discussion in the FAQ.