SBA Paycheck Protection Program: Compliance rules for forgiveness and necessity questionnaires to borrowers that received $2 million or more


CLE credits earned: 1 General Credit (WA 1 Law and Legal)

The Small Business Administration began asking SBA Paycheck Protection Program lenders to issue over 50,000 loan necessity questionnaires to borrowers that received $2 million or more in funds from the PPP. The information collection is extensive and reaches to private and public company borrowers. Also, both non-profit and for-profit borrowers received questionnaires, for which there are two different forms: one for non-profit borrowers and another sent to for-profit firms. The SBA’s questionnaires raise concerns about whether the SBA is going beyond Congress’ intent and if this form creates additional regulatory burdens for already struggling small businesses. Borrowers have just ten business days from receipt of the questionnaire to return the completed form and required supporting documents to the borrower’s financial institution.

Key topics to be discussed:

• It appears that questionnaire responses may be used to determine loan forgiveness or further investigation.
• The information collection is extensive, but with the short timeframe to respond, borrowers should not expect their lender to offer proof-reading services or verifying that all requested information has been collected.
• The SBA forms seek updated and detailed financial information from borrowers, details concerning local COVID-19 shutdown orders, information about other CARES Act aid, and details about dividends and highly compensated owners or employees.

Date / Time: January 25, 2021

•   2:00 pm – 3:00 pm Eastern
•   1:00 pm – 2:00 pm Central
•   12:00 pm – 1:00 pm Mountain
•   11:00 am – 12:00 pm Pacific

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Closed-captioning available upon request

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Original Broadcast Date: December 10, 2020

Alissa Gardenswartz | Brownstein Hyatt Farber Schreck, LLP

Alissa Gardenswartz is a Shareholder at Brownstein Hyatt Farber Schreck LLP, where she leverages over 15 years of government service to help clients navigate inquiries from federal authorities and state attorneys general. Prior to joining Brownstein, Alissa served as the Deputy Attorney General for Consumer Protection in the Colorado Attorney General’s Office, where she supervised all of the office’s consumer protection and antitrust enforcement activities, including multistate actions. She frequently testified before the state legislature on consumer protection legislation and was one of the principal drafters of Colorado’s data protection and breach notification laws. Prior to being appointed Deputy Attorney General, Alissa litigated several high-profile financial fraud, false advertising and antitrust cases as an assistant attorney general. Alissa previously worked in private practice in both Denver and Washington, D.C., and began her career with the U.S. Federal Trade Commission Bureau of Competition.
Sarah Mercer | Brownstein Hyatt Farber Schreck, LLP

Sarah Mercer combines her litigation background with her experience navigating state and local government to develop creative political and administrative solutions for complicated legal issues. No stranger to high-profile policy matters, Sarah is at the forefront of some of the region and nation’s hottest issues—the Paycheck Protection Program, campaign finance, ballot initiatives, gaming and sports betting to name a few. Whether advising on navigating the regulatory environment of sports betting or representing a client in a lawsuit challenging a governor’s executive order, Sarah brings passion, grit and ingenuity. She gets results in situations where others have failed due to her ability to find creative solutions, weigh and balance risk, and align conflicting stakeholders.

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I. SBA Paycheck Protection Program background. 2:00-2:15
II. SBA compliance rules essential for borrowers to achieve forgiveness. 2:15-2:30
III. Purpose of the information collection 2:30-2:45
IV. Topics of the information collection 2:45-3:00