Notice2021-28260
Data Collection Available for Public Comments
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 29, 2021
Issuing agencies
Small Business Administration
Abstract
The Small Business Administration (SBA) intends to request approval, from the Office of Management and Budget (OMB) for the collection of information described below. The Paperwork Reduction Act (PRA) requires federal agencies to publish a notice in the Federal Register concerning each proposed collection of information before submission to OMB, and to allow 60 days for public comment in response to the notice. This notice complies with that requirement.
Full Text
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<title>Federal Register, Volume 86 Issue 247 (Wednesday, December 29, 2021)</title>
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[Federal Register Volume 86, Number 247 (Wednesday, December 29, 2021)]
[Notices]
[Pages 74207-74208]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-28260]
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SMALL BUSINESS ADMINISTRATION
Data Collection Available for Public Comments
ACTION: 60-Day notice and request for comments.
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SUMMARY: The Small Business Administration (SBA) intends to request
approval, from the Office of Management and Budget (OMB) for the
collection of information described below. The Paperwork Reduction Act
(PRA) requires federal agencies to publish a notice in the Federal
Register concerning each proposed collection of information before
submission to OMB, and to allow 60 days for public comment in response
to the notice. This notice complies with that requirement.
DATES: Submit comments on or before February 28, 2022.
ADDRESSES: Email all comments to: Teresa Rodriguez, Office of Financial
Program Operations, Small Business Administration, at
<a href="/cdn-cgi/l/email-protection#88fcedfaedfbe9a6fae7ecfae1effdedf2c8fbeae9a6efe7fe"><span class="__cf_email__" data-cfemail="9de9f8eff8eefcb3eff2f9eff4fae8f8e7ddeefffcb3faf2eb">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Adrienne Grierson, Deputy Director
Office of Financial Program Operations, 202-205-6573,
<a href="/cdn-cgi/l/email-protection#c4a5a0b6ada1aaaaa1eaa3b6ada1b6b7abaa84b7a6a5eaa3abb2"><span class="__cf_email__" data-cfemail="036267716a666d6d662d64716a6671706c6d437061622d646c75">[email protected]</span></a> or or Curtis B. Rich, Management Analyst,
202-205-7030, <a href="/cdn-cgi/l/email-protection#d4b7a1a6a0bda7faa6bdb7bc94a7b6b5fab3bba2"><span class="__cf_email__" data-cfemail="2e4d5b5c5a475d005c474d466e5d4c4f00494158">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: SBA Form 1050, Settlement Sheet is used in
SBA's 7(a) Loan Program to collect information from lenders and
borrowers regarding the disbursement of loan proceeds. SBA relies on
this information during the guaranty purchase review process as a
component in determining whether to honor a loan guaranty. The current
form includes 1050 Settlement Sheet instructions for the lender. The
currently approved form primarily requires the lender and borrower to
certify to whether they complied with a series of loan requirements.
The current form also requires submission of documentation (e.g., joint
payee or cancelled checks, invoices or paid receipts, and wire transfer
records) in support of the certification. SBA has determined that the
section for ``Authorized Use of Proceeds'' does not include in the
Settlement Sheet all the categories for'' Use of Proceeds'' this
addition to the 1050 Settlement Sheet would enable the agency to
effectively monitor compliance with loan disbursement procedures and
will align with the ``Use of Proceeds'' categories for 7(a) loans. As a
result, SBA is proposing to change both the content and format of the
Form 1050.
The form will be divided into several sections to clearly identify
the information to be submitted. The revised form will continue to
collect the same basic identifying information such as loan amount,
loan number and lender's name. In addition, the form will continue to
require certifications from both the lender and borrower regarding
compliance with the disbursement requirements and accuracy of
information submitted. In the section for ``Authorized Use of
Proceeds,'' the revised 1050 Settlement Sheet will include ``Land
Acquisitions with or without improvements'', ``Leasehold Improvements
to property owned by applicant or owned by others'', ``Export Working
Capital (EWCP or Export Express)'', ``Support Standby Letter of Credit
(EWCP or Export Express)'', Refinance Existing (EWCP) or Export LOC
(EWCP)'', ``Business Acquisition/Change of Ownership'', ``Pay off SBA
Loan, SID or Other Lender'', '' Pay Notes Payable, SID or Other
Lender'', ``Pay Accounts Payable.'' These changes will allow the lender
to document all the sources and uses of funds at the time of loan
closing more clearly. This additional information will better allow
both lenders and SBA staff to ensure that the necessary information is
collected at the time of loan origination.
(a) Solicitation of Public Comments
SBA is requesting comments on (i) Whether the collection of
information is necessary for the agency to properly perform its
functions; (ii) whether the burden estimates are accurate; (iii)
whether there are ways to minimize the burden, including using
automated techniques or other forms of information technology; and (iv)
whether there are ways to enhance the quality, utility, and clarity of
the information.
(b) Summary of Information Collection
Title: Settlement Statement.
Form Numbers: SBA Form 1050.
OMB Control Number: 3245-0200.
Description of Respondents: SBA Lenders and Borrowers.
Estimated Number of Respondents: 27,000.
Frequency of Response per Respondent: 1.
Total Estimated Annual Responses: 27,000.
[[Page 74208]]
Total Estimated Annual Hour Burden: 30 minutes per respondent, for
a total of 13,500 hours.
Curtis Rich,
Management Analyst.
[FR Doc. 2021-28260 Filed 12-28-21; 8:45 am]
BILLING CODE 8026-03-P
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