Updates to SBA’s PPP loan FAQ for borrowers and lenders

FINANCIAL REPORTING INSIGHTS  | 

Authored by RSM US LLP


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. 

This article was written by RSM US LLP and originally appeared on 2021-08-19.
2021 RSM US LLP. All rights reserved.
https://rsmus.com/our-insights/newsletters/financial-reporting-insights/updates-to-sbas-ppp-loan-faq-for-borrowers-and-lenders.html

RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.

Gallagher, Flynn & Company, LLP is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.

Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.

For more information on how Gallagher, Flynn & Company, LLP can assist you, please call (802) 863-1331.

Share This