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The Small Business Administration has started asking some Paycheck Protection Program borrowers to document why they need the loans, sparking concern from advocacy and trade groups who say such disclosures were unnecessary when companies asked for help.
The Loan Necessity Questionnaire is for borrowers who have taken out loans of $ 2 million or more through PPP, the federal government’s leading coronavirus assistance initiative for small businesses. He directs them to answer questions about business activity and liquidity.
The…
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