PPP Borrowers Are Asked to Justify Need for Loans Over $2 Million

The Small Business Administration has begun asking some Paycheck Protection Program borrowers to document why they needed the loans, drawing concern from advocacy and trade groups that say such disclosures weren’t required when the businesses applied for aid.

The Loan Necessity questionnaire is aimed at borrowers that took loans of $2 million or more under PPP, the federal government’s main coronavirus aid initiative for small businesses. It directs them to answer questions about business activity and liquidity.

The…

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