In May 2020, the SBA mandated that businesses that received loans of more than $2 million complete a questionnaire regarding their operations and financial conditions during the pandemic. It requested information about gross revenues, capital improvement projects, dividend payments and compensation, including whether any employees earn more than $250,000.
The form generated pushback from a variety of business groups. More than 80 associations, including several representing the construction industry, sent a letter to congressional leaders in November, saying that the questionnaire introduced a “confusing and burdensome process” for borrowers and lenders.
