Applicants must make certain assertions, including that "current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant". While a lender does not need to require a business to demonstrate the basis its certification, the Small Business Administration may do so. The Small Business Administration does not believe that a publicly traded business with substantial market value and access to capital markets could make that certification in good faith. An applicant that, together with its affiliates, receives PPP loans totaling $2million or more should retain documentation of what basis it made this certification.
