Application for Section 504 Loan

Forms and Documents

Document Name	Status
Form SBA Form 1244 U.S. Small Business Administration Application for Section 504 Loan Form and Instruction	Modified
3245-0071 5 USC 552 2-24-14.pdf Supplementary Document	2014-02-24
3245-0071 13 CFR 120 150.pdf Supplementary Document	2014-02-24
3245-0071 15 USC 697.2-24-14.pdf Supplementary Document	2014-02-24
3245-0071 74 FR 14890 2-24-14.pdf Supplementary Document	2014-02-24
3245-0071 Supporting Statement 2-24-14.docx Supporting Statement A	2014-02-24

IC Document Collections

IC ID	Document Title	Status
35619	U.S. Small Business Administration Application for Section 504 Loan Form and Instruction	Modified

ICR Details

OMB Control No: 3245-0071	ICR Reference No: 201402-3245-006
Status: Historical Inactive	Previous ICR Reference No: 201402-3245-002
Agency/Subagency: SBA	Agency Tracking No:
Title: Application for Section 504 Loan
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Improperly submitted and continue	Conclusion Date: 04/21/2014
	Date Received in OIRA: 02/24/2014
Terms of Clearance: OMB has approved SBA’s information collection request (ICR), ”Application for Section 504 Loan” (3245-0071), for six months. This six month period will allow the use of the two collection instruments: 1)Form 1244 – Application for Section 504 Loan and Form 2450 - Eligibility Information Required for 504 Submission (Non PCLP), including modifications to 2450 due to the recent final rule, “504 and 7(a) Regulatory Enhancements,” (RIN 3245-AG04). During the six month approval SBA will review these two forms to consider ways to, among other things, possibly simplify, reduce duplicative request, clarify what is required for an application verses what is guidance for the lenders. The six month period should include the appropriate 60/30-day public comment process required by the Paperwork Reduction Act.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2014	36 Months From Approved	08/31/2014
Responses	7,000	0	7,000
Time Burden (Hours)	18,480	0	18,480
Cost Burden (Dollars)	0	0	0

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Abstract: SBA request potential borrowers complete Form 1244 when applying for loan. This form collects identifying information about the applicant, CDC, loan request, indebtedness about principals, information about current or previous government financing, and certain other disclosures. The form is completed by the applicant and submitted by a CDC.

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Authorizing Statute(s): US Code: 15 USC $$636(a) (6) and 687(f) Name of Law: CDC
  

Citations for New Statutory Requirements: US Code: 15 USC 695 Name of Law: 504 and 7(a) Loan Program

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3245-AG04	Proposed rulemaking	78 FR 12633	02/25/2013

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
U.S. Small Business Administration Application for Section 504 Loan	SBA Form 2450 , SBA Form 1244	Application for Section 504 Loan ,   Eligibility Information Required for 504 Submission (NON PCLP)

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Due to the removal of the Personal Resource Test

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 02/24/2014

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