Guaranteed Loanmaking and Servicing Regulations

ICR 202004-0570-001

OMB: 0570-0069

Federal Form Document

ICR Details
0570-0069 202004-0570-001
Active 201903-0570-001
USDA/RBS
Guaranteed Loanmaking and Servicing Regulations
No material or nonsubstantive change to a currently approved collection   No
Regular
Approved without change 05/22/2020
Retrieve Notice of Action (NOA) 04/27/2020
In accordance with 5 CFR 1320, the non-substantive change request is approved until November 30, 2022.
  Inventory as of this Action Requested Previously Approved
11/30/2022 11/30/2022 11/30/2022
27,276 0 26,776
38,459 0 37,959
0 0 0

The Business and Industry (B&I) program was legislated in 1972 under Section 310B of the Consolidated Farm and Rural Development Act, as amended. The purpose of the program is to improve, develop, or finance businesses, industries, and employment and improve the economic and environmental climate in rural communities. This purpose is achieved through bolstering the existing private credit structure through the guaranteeing of quality loans made by lending institutions, thereby providing lasting community benefits. The B&I program is administered by the Agency through Rural Development State and sub-State Offices serving each State. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in response to the COVID-19 National Emergency, provided additional funding which will increase the number of applications received. RIN 0570–AB07 is associated with the B&I CARES Act Program) published in the Federal Register today, Friday, May 22, 2020.

PL: Pub.L. 116 - 136 Division B, Title I Name of Law: Coronavirus Aid, Relief, and Economic Security Act (the CARES Act)
   PL: Pub.L. 92 - 419 310B Name of Law: Consolidated Farm and Rural Development Act of 1972
  
PL: Pub.L. 116 - 136 Division B, Title I Name of Law: Coronavirus Aid, Relief, and Economic Security Act (the CARES Act

Not associated with rulemaking

  84 FR 16838 04/23/2019
84 FR 31561 07/02/2019
No

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 27,276 26,776 500 0 0 0
Annual Time Burden (Hours) 38,459 37,959 500 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The Agency is reporting an increase in burden since the last submission. Responses and burden hours increased by 500 respectively. The increase is due to the inclusion of the Rural Business Cooperative Service (RBCS) authority through Division B, Title I of the CARES Act to provide for additional funds for use under the Business & Industry (B&I) CARES Act Guaranteed Loan Program and the expectation of 500 new applicants. RIN 0570–AB07 is associated with the B&I CARES Act Program) published in the Federal Register today, Friday, May 22, 2020.

$1,118,988
No
    No
    No
No
No
No
Yes
MaryPat Daskal 202 720-7853 [email protected]

  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.
04/27/2020


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