OMB is approving
the revision to the existing collection as a non-sub change due to
the recent emergency approval of the collection.
Inventory as of this Action
Requested
Previously Approved
09/30/2020
09/30/2020
09/30/2020
48,000
0
48,000
90,000
0
90,000
0
0
0
The Act authorizes the Secretary of
the Treasury to make loans, loan guarantees, and other investments
that do not exceed $500 billion in the aggregate to provide
liquidity to eligible businesses related to losses incurred as a
result of coronavirus. Section 4003(b)(1)-(3) authorizes the
Secretary to make loans and loan guarantees available to passenger
air carriers and cargo air carriers, as well as certain related
businesses, and businesses critical to maintaining national
security.
On March 27, 2020, the
President signed the “Coronavirus Aid, Relief, and Economic
Security Act” or the “CARES Act,” (P.L. 116-136) which provides
emergency assistance and health care response for individuals,
families and businesses affected by the COVID-19 pandemic, and
provides emergency appropriations to support executive branch
agency operations during the COVID-19 pandemic. The Act, among
other things, authorizes the Secretary of the Treasury to make
loans, loan guarantees, and other investments that do not exceed
$500 billion in the aggregate to provide liquidity to eligible
businesses, States, and municipalities related to losses incurred
as a result of coronavirus. Section 4003(b)(1)-(3) authorizes the
Secretary to make loans and loan guarantees available to passenger
air carriers and cargo air carriers, as well as certain related
businesses, and businesses critical to maintaining national
security. Section 4003(c) of the Act requires the Department of the
Treasury (“Department”) to publish application procedures and
minimum requirements for loans, loan guarantees, or other
investments under Section 4003(b)(1)-(3) within ten days after
enactment. The Act also authorizes the Secretary of the Treasury to
provide payments to passenger and cargo air carriers, as well as
certain contractors, which shall exclusively be used for the
continuation of payment of employee wages, salaries, and benefits.
Section 4113 requires the Department to publish streamlined and
expedited procedures within five days of enactment of the Act for
air carriers and contractors to submit requests for such payroll
support. Not later than ten days of enactment of the Act, the
Department is required to make initial payments to air carriers and
contractors that submit requests approved by the Secretary. Because
of the immediate need addressed by these programs and the Act’s
urgent deadlines, the Department requests emergency processing for
the applications and related reporting under these sections of the
Act.
PL:
Pub.L. 116 - 136 4112-4113 Name of Law: Coronavirus Aid,
Relief, and Economic Security (CARES) Act
PL:
Pub.L. 116 - 136 4003 Name of Law: Coronavirus Aid, Relief, and
Economic Security (CARES) Act
PL: Pub.L. 116 - 136 4003 Name of Law:
Coronavirus Aid, Relief, and Economic Security (CARES) Act
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.
Section 4003 Loan Application Forms
1505-0263 Justification of Non-Material Change - National Security Loan Application 2020-04-23.docx
1505-NEW CARES Act Air Program Emergency Request Memo 2020-03-20_Signed.pdf
Section 4003 Loan Application Forms