United States: SBA Part Forty Seven: Loan Requirement Questionnaire Omitted and Restaurant Recovery Fund Program Formally Closed
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The Small Business Association (SBA) recently announced a policy change to its loan partners removing the requirement for PPP borrowers to complete a loan application form when applying for forgiveness for loans of $ 2 million or more.
Loan Application Forms, also known as SBA Forms 3509 and 3510, are no longer required and the SBA has stated that the modules used by lenders under the PPP platform will be removed. The SBA noted that lenders with an open request for additional information related to the loan eligibility questionnaire were instructed to close the request on the platform and send the loan back to SBA to process the forgiveness.
Earlier this month, the SBA announced that it had allocated $ 28.6 billion to restaurants through its Restaurant Recovery Fund program launched a few months ago. The SBA says it has helped more than 100,000 restaurants, with $ 18 billion of awards going to low-income people and an average award of $ 283,000. The Restaurant Revitalization Fund platform will remain open until July 14, 2021, when the SBA will shut down the platform. If anyone needs information about the award of a grant, it is recommended to act as soon as possible before the platform closes.
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