CARES Act Loan and Payroll
Support Programs for Air Carriers and Other Eligible
Businesses
Revision of a currently approved collection
No
Emergency
11/19/2021
11/19/2021
Requested
Previously Approved
6 Months From Approved
01/31/2022
3,400
5,000
13,070
18,770
0
0
The CARES Act authorizes the Secretary
of the Treasury to make loans, loan guarantees, and other
investments that do not exceed $500 billion in the aggregate to
provide liquidity to eligible businesses related to losses incurred
as a result of coronavirus. Section 4003(b)(1)-(3) authorizes the
Secretary to make loans and loan guarantees available to passenger
air carriers and cargo air carriers, as well as certain related
businesses, and businesses critical to maintaining national
security.
Pursuant to the Office
of Management and Budget (OMB) procedures established at 5 C.F.R. §
1320.13, the Department of the Treasury (Treasury) requests
emergency processing for Payroll Support Program (PSP or 4112) and
4003 Loan Program (4003) Quarterly Template Edits, revising OMB
Control Number 1505-0263. On March 20, 2020, the Coronavirus Aid,
Relief, and Economic Securities Act (CARES Act) was signed into
law, and established the Payroll Support Program, under Division A,
Title IV, Subtitle B, and the 4003 Loan Program, under Division A,
Title IV, Subtitle A. The Payroll Support Program provides payroll
support to passenger air carriers, cargo air carriers, and certain
contractors for the continuation of payment of employee wages,
salaries, and benefits. The 4003 Loan Program provides up to $25
billion for loans and loan guarantees to passenger air carriers,
repair station operators certified under 14 CFR part 145, and
ticket agents; up to $4 billion for loans and loan guarantees to
cargo air carriers; and up to $17 billion for loans and loan
guarantees to businesses critical to maintaining national security.
Treasury has conducted quarterly compliance checks of the Payroll
Support Program since the second calendar year quarter of 2020 and
the 4003 Loan Program since the fourth calendar year quarter of
2020 through the submission of quarterly compliance templates in
Treasury’s portal. The PSP and 4003 programs, in coordination with
policy and ORP leadership, recommend 9 new questions to be added
into the third quarter 2021 quarterly compliance templates. The new
questions Treasury would like to add address issues with reporting
fundamental changes of a recipient’s structure, swapped collateral,
and impaired collateral during the reporting quarter. Due to the
need to provide guidance to recipients so they can gather the
necessary information needed to be reported through the Treasury
interim reporting portal once it opens, Treasury requests emergency
processing and approval by November 19, 2021 of the Quarterly
Template Edits. 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.
The changes to the collection
since the previous OMB approval are to include additional questions
for Quarter 3 2021 reporting. The additional questions focus on
fundamental changes to a recipient’s structure, swapped collateral,
and impaired collateral during the report quarter and will increase
the burden hours by 5700 hours.
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.
Loan and Payroll Support Applications and Agreements
Emergency Justification Memo - PSP4003 Q3 2021_11.18_signed.pdf
1505-0263 Change Request Justification - PSP3 Withdrawals.docx
Compliance Reporting and Recordkeeping