Updates to SBAâ€™s PPP loan FAQ for borrowers and lenders
FINANCIAL REPORTING INSIGHTS Â |Â
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 SBAâ€™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 Borrowerâ€™s accounting for Paycheck Protection Program loans, to reflect the updated discussion in the FAQ.Â
This article was written by RSM US LLP and originally appeared on 2021-08-19.
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