State Small Business Credit Initiative Allocation Agreement

ICR 202111-1505-003

OMB: 1505-0227

Federal Form Document

ICR Details
1505-0227 202111-1505-003
Received in OIRA 201611-1505-002
TREAS/DO
State Small Business Credit Initiative Allocation Agreement
Reinstatement with change of a previously approved collection   No
Emergency 11/17/2021
11/17/2021
  Requested Previously Approved
6 Months From Approved
500 0
2,500 0
0 0

Under the Small Business Jobs Act of 2010 (the "Act"), the Department of the Treasury is responsible for implementing several components of the Act. Among these components is a program under title III of the Act which requires Treasury to make payments to participating states. Participating states will use the federal funds for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs. The collection of information is necessary to ensure that the allocation agreement constitutes a legal binding obligation of the participating state and to monitor participating state compliance and performance. The recordkeeping requirements ensure both the effective and efficient use of the funds consistent with the agreement.
On March 11, 2021, the President signed the American Rescue Plan Act of 2021 (the “Act”), Pub. L. No. 117-2. Title III, Subtitle C, Section 3301 of the Act provides $10 billion for the Department of the Treasury (Treasury) to make payments to States (defined to include the District of Columbia), U.S. Territories (Puerto Rico, U.S. Virgin Islands, Guam, Northern Mariana Islands, and American Samoa), and Tribal governments (collectively the “Eligible Jurisdictions”) to help address the economic fallout of the pandemic and lay the foundation for a strong and equitable recovery by providing direct support to eligible jurisdictions for programs that increase access to credit for small businesses. These eligible jurisdictions must submit an application to be considered for approval of SSBCI Capital programs. Sections 12 U.S.C § 5704(b)(2) and 12 U.S.C § 5705(b)(4)) require Eligible Jurisdictions to submit a complete SSBCI application for Capital funds within 9 months of enactment, which is December 11, 2021. Treasury is seeking approval for the SSBCI Capital Application to streamline the process by which eligible jurisdictions can apply for SSBCI Capital funding. This information collection is vitally important for Treasury to review and approve eligible jurisdictions’ SSBCI Capital programs and distribute eligible jurisdiction funds. Due to the need for eligible jurisdictions to apply for these funds expeditiously, Treasury requests emergency processing and approval of the SSBCI Capital Application form by November 17, 2021. Given the inability to seek public comment during such a short timeframe, Treasury requests a waiver from the requirement to publish notice in the Federal Register seeking public comment.

PL: Pub.L. 117 - 2 3301 Name of Law: American Rescue Plan Act of 2021
  
PL: Pub.L. 117 - 2 3301 Name of Law: American Rescue Plan Act of 2021

Not associated with rulemaking

No

  Total Request 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 500 0 500 -516 0 516
Annual Time Burden (Hours) 2,500 0 2,500 -756 0 756
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
Yes
Miscellaneous Actions
This burden is increasing due to reinstatement of the SSBCI program in new legislation.

$3,290,332
No
    No
    No
No
No
No
Yes
Daniel Ballard 202 674-1781

  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.
11/17/2021


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