Notice2022-08717
Reporting and Recordkeeping Requirements Under OMB Review
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
April 25, 2022
Issuing agencies
Small Business Administration
Abstract
The Small Business Administration (SBA) is seeking approval from the Office of Management and Budget (OMB) for the information collection described below. In accordance with the Paperwork Reduction Act and OMB procedures, SBA is publishing this notice to allow all interested member of the public an additional 30 days to provide comments on the proposed collection of information.
Full Text
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<title>Federal Register, Volume 87 Issue 79 (Monday, April 25, 2022)</title>
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[Federal Register Volume 87, Number 79 (Monday, April 25, 2022)]
[Notices]
[Pages 24385-24386]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-08717]
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SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping Requirements Under OMB Review
AGENCY: Small Business Administration.
ACTION: 30-Day notice.
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SUMMARY: The Small Business Administration (SBA) is seeking approval
from the Office of Management and Budget (OMB) for the information
collection described below. In accordance with the Paperwork Reduction
Act and OMB procedures, SBA is publishing this notice to allow all
interested member of the public an additional 30 days to provide
comments on the proposed collection of information.
DATES: Submit comments on or before May 25, 2022
ADDRESSES: Written comments and recommendations for this information
collection request should be sent within 30 days of publication of this
notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection request by selecting ``Small Business
Administration''; ``Currently Under Review,'' then select the ``Only
Show ICR for Public Comment'' checkbox. This information collection can
be identified by title and/or OMB Control Number.
FOR FURTHER INFORMATION CONTACT: You may obtain a copy of the
information collection and supporting documents from the Agency
Clearance Office at <a href="/cdn-cgi/l/email-protection#591a2c2b2d302a770b303a31192a3b38773e362f"><span class="__cf_email__" data-cfemail="febd8b8c8a978dd0ac979d96be8d9c9fd0999188">[email protected]</span></a>; (202) 205-7030, or
[[Page 24386]]
from <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</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.
Solicitation of Public Comments
Comments may be submitted on (a) whether the collection of
information is necessary for the agency to properly perform its
functions; (b) whether the burden estimates are accurate; (c) whether
there are ways to minimize the burden, including through the use of
automated techniques or other forms of information technology; and (d)
whether there are ways to enhance the quality, utility, and clarity of
the information.
OMB Control: 3245-0200.
Title: Settlement Statement.
Description of Respondents: SBA Lenders and Borrowers.
Estimated Number of Respondents: 52,000.
Estimated Annual Responses: 52,000.
Estimated Annual Hour Burden: 14,112.
Curtis Rich,
Agency Clearance Officer.
[FR Doc. 2022-08717 Filed 4-22-22; 8:45 am]
BILLING CODE 8026-03-P
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