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.
While Treasury is no longer accepting loan program or Payroll Support Program (PSP) applications, both programs require ongoing compliance reporting for certain participants, as well as recordkeeping. Specifically, as part of the loan, PSP1, PSP2, and PSP3 agreements, applicants were required to maintain records for a period of five years or more, depending on the agreement type and period of performance, as well as submit compliance reports on a quarterly basis to ensure funding is used in accordance with the agreements and aid statutory reporting requirements.
This submission is to renew the OMB approval. The changes to burden since the previous approval update estimates to reflect that applications for the programs are no longer accepted, the expiration of quarterly reporting requirements for most PSP recipients and those section 4003 loan recipients that have repaid their loans in full, as well as to segregate work related to ongoing compliance audits.
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.
Compliance Reporting and Recordkeeping for Compliance Audits