Justification for No Material Change: PSP Agreement

Justification of Non-Material Change

For Air Carrier Payroll Support Program Agreement

1505-0263

Treasury is submitting a request for non-material change in order to add the “Payroll Support Program Agreement” to OMB Control Number 1505-0263. This agreement will be completed by companies who have already completed the Payroll Support Application and is necessary for them in order to receive funding under the Payroll Support Program (PSP).

The necessity and burden for the reporting and recordkeeping under Sections 4112-4117 of the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act,” (P.L. 116-136) was accounted for when the original submission under 1505-0263 was made, however given the short timeline for implementation of the Air Carrier Program fuller details of program requirements were not available at the time. With the inclusion of the PSP Agreement and its detailed terms and conditions, Treasury is updating the burden estimates to account for recordkeeping and quarterly reporting requirements. This will result in an increase of 24,000 responses and 42,000 hours of burden for loan applicants. Changes are described more fully in the updated supporting statement included with this submission.