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.
January 8, 2021 Susan
Minson SBA Desk Officer Office of Management and Budget Dear Ms.
Minson: Pursuant to the Office of Management and Budget (OMB)
procedures established at 5 CFR Part 1320, SBA requests review of
revisions to the collection of information for the Paycheck
Protection Program (PPP), currently approved under OMB Control
Number 3245-0407, in accordance with the emergency processing
procedures in section 1320.13. As part of this request for
emergency processing, SBA also requests a waiver from the
requirement to publish the 60-day and 30-day public comment notices
in the Federal Register. The revisions are necessary to implement
recent changes to the Paycheck Protection Program (PPP), including
reauthorization of the program, by the Economic Aid to Hard-Hit
Small Businesses, Nonprofits, and Venues Act (“Economic Aid Act”),
Pub. L. 116-260 (December 27, 2020). In addition to reauthorizing
the program, the Economic Aid Act made other amendments to the PPP,
including expanding the categories of eligible loan applicants and
uses of loan proceeds, and adjusting the methodology for
calculating interest rate on PPP loans. SBA has determined that the
additional information required to implement these changes is
required prior to the expiration of time periods for the process
established under 5 CFR Part 1320. The authority to resume
guaranteeing PPP loans expires on March 31, 2021. Without emergency
processing, the authority would expire before SBA could collect the
information necessary to restart PPP, as amended, and make the
critically needed financial assistance available to the eligible
small businesses. In order to restart the program and collect the
information that would have an immediate impact on applicants and
lenders, SBA is only revising the following forms at this time: SBA
Form 2483, PPP Borrower Application Form; SBA Form 2484, PPP Lender
Application Form; SBA Forms 3506, CARES Act Section 1102 Lender
Agreement; and SBA Form 3507, CARES Act Section 1102 Lender
Agreement – Non-Bank and Non-Insured Depository Institution
Lenders. SBA anticipates that additional revisions will be
necessary to this information collection to implement other
Economic Aid Act amendments. Sincerely. Jihoon Kim Director, Office
of Financial Program Operations
SBA Form 2483 , SBA Form 3508 Instructions , SBA Form 3508 ,
SBA Form 3508EZ, SBA Form 3508S , SBA 3508S Instructions , SBA Form
3508EZ Instructions , SBA Form 3509, SBA Form 3510 , SBA Form 3506
, SBA Form 3507 , SBA Form 2484
The total burden hours have
increased. This has occurred because SBA is reopening the PPP
program for new borrowers as authorized under the Economic Aid Act
and will be accepting requests from new lenders for participation
in the PPP program, including the Second Draw Program.
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.