Under the Small Business Jobs Act of 2010 (the "Act"), the Department of the Treasury is responsible for implementing several components of the Act. Among these components is a program under title III of the Act which requires Treasury to make payments to participating states. Participating states will use the federal funds for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs. The collection of information is necessary to ensure that the allocation agreement constitutes a legal binding obligation of the participating state and to monitor participating state compliance and performance. The recordkeeping requirements ensure both the effective and efficient use of the funds consistent with the agreement.
On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 (the ÂActÂ). The Act created the State Small Business Credit Initiative (ÂSSBCIÂ) to be administered by the Department of the Treasury (ÂTreasuryÂ) which was funded with $1.5 billion to strengthen state programs that support lending to small businesses, and small manufacturers. The SSBCI is expected to help spur up to $15 billion in lending to small businesses to help address the current economic challenges facing small businesses many of which are at imminent risk for failure. The SSBCI is currently a one-time program created to address the acute need for small business access to credit in the current economy. Applications from the states, territories and the District of Columbia that have indicated their intent to apply are due by June 27, 2011. Applications from municipalities are due September 27, 2011. Treasury plans to obligate the entire $1.5 billion in available funds (less an amount reserved for administrative expenses) to states by or before the end of calendar year 2011.
To be effective, it is critical that the revised SSBCI Application and the revised SSBCI allocation agreement with the new collections of information contained therein be made available immediately to applicant states, territories, and municipalities.
For the above states reasons, Treasury respectfully requests emergency PRA clearance of the revised SSBCI Application and revised SSBCI Allocation Agreement.
After further deliberation, it was determined that the previously submitted requirements did not enable Treasury to collect all information needed to monitor compliance with all statutory requirements and analyze program performance. In addition to this request to amend SSBCI's information collections, Treasury is also submitting a request to make conforming changes to the annual and quarterly reporting requirements set forth in the SSBCI Allocation Agreement.
No
No
No
Yes
No
Uncollected
Daniel Ballard 202 674-1781
Reginfo record details
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Summary of Changes to SSBCI Application and SSBCI Allocation Agreement.docx
SSBCI Allocation Agreement Annual Reports