Paycheck Protection Loan Program Borrower Information Form and Lender's Application for Loan Guaranty

ICR 202006-3245-002

OMB: 3245-0407

Federal Form Document

ICR Details
3245-0407 202006-3245-002
Historical Active 202006-3245-001
SBA
Paycheck Protection Loan Program Borrower Information Form and Lender's Application for Loan Guaranty
No material or nonsubstantive change to a currently approved collection   No
Emergency 03/30/2020
Approved without change 06/11/2020
Retrieve Notice of Action (NOA) 06/11/2020
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
10/31/2020 10/31/2020 10/31/2020
27,026,250 0 27,026,250
26,837,771 0 26,837,771
0 0 0

Section 7(a) of the Small Business Act (15 U.S.C. 636) authorizes the Small Business Administration to guarantee loans made by banks or other financial institutions to qualified small businesses in the 7(a) Loan Program. The regulations covering this loan program at 13 CFR Part 120 require loan applicants and lenders to provide certain information that is used to determine program eligibility and compliance. CARES Act PL 116-136 will also cover this program.
As a result of the drastic decrease in economic activity created by 2019-COVID nationwide, countless small businesses are unable to meet their financial obligations, including payment of employee compensation, mortgage, rent, or utilities. Immediate implementation of the Paycheck Protection Program, including availability of the application forms, is necessary to help these business avoid laying off employees or going out of business. SBA has created two forms to collect the information required to process loan applications under this new guaranteed loan program. Information collected from qualified small businesses applicants will help determine their eligibility for a loan, while information collected from the delegated lenders will be used to determine their compliance with SBA's Loan Program Requirements. Given the short time frame SBA is unable to consult with the public prior to issuing the forms, however the SBA has experience designing other similar forms in a way that is clear and minimizes burden. SBA requests approval of the submission by April 1, 2020. Given the inability to seek public comment during such a short time frame, SBA requests a waiver from the requirement to publish 60-day and 30-day notices in the Federal Register seeking public comment during the period of 0MB review.

None
None

Not associated with rulemaking

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 27,026,250 27,026,250 0 0 0 0
Annual Time Burden (Hours) 26,837,771 26,837,771 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

No
    No
    No
No
No
No
Yes
Mary Frias 202 401-8234 [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.
06/11/2020


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