Justification

U.S. SMALL BUSINESS ADMINISTRATION
WASHINGTON, DC 20416

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 32450407, 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.

JI KIM

Digitally signed by JI KIM
Date: 2021.01.08
13:52:13 -05'00'

Jihoon Kim
Director, Office of Financial Program Operations