Notice2024-05168
Agency Information Collection Activities; Submission to the Office of Management and Budget (OMB) for Review and Approval; Comment Request; Revolving Loan Fund Financial Report, Form ED-209
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
March 12, 2024
Issuing agencies
Commerce DepartmentEconomic Development Administration
Full Text
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<title>Federal Register, Volume 89 Issue 49 (Tuesday, March 12, 2024)</title>
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[Federal Register Volume 89, Number 49 (Tuesday, March 12, 2024)]
[Notices]
[Pages 17810-17811]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-05168]
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DEPARTMENT OF COMMERCE
Economic Development Administration
Agency Information Collection Activities; Submission to the
Office of Management and Budget (OMB) for Review and Approval; Comment
Request; Revolving Loan Fund Financial Report, Form ED-209
The Department of Commerce will submit the following information
collection request to the Office of Management and Budget (OMB) for
review and clearance in accordance with the Paperwork Reduction Act of
1995, on or after the date of publication of this notice. We invite the
general public and other Federal agencies to comment on proposed, and
continuing information collections, which helps us assess the impact of
our information collection requirements and minimize the public's
reporting burden. Public comments were previously requested via the
Federal Register on 12/11/2023 during a 60-day comment period. This
notice allows for an additional 30 days for public comments.
Agency: Economic Development Administration (EDA), Department of
Commerce.
Title: Revolving Loan Fund (RLF) Financial Report.
OMB Control Number: 0610-0095.
Form Number(s): ED-209.
Type of Request: Extension of a currently approved information
collection.
Number of Respondents: 1,000.
Average Hours per Response: 3 hours.
Burden Hours: 3,000 hours.
Needs and Uses: The EDA Revolving Loan Fund (RLF) Program,
authorized under section 209 of the Public Works and Economic
Development Act of 1965, as amended (42 U.S.C. 3149), has served as an
important pillar of EDA investment programs since the establishment of
the RLF Program in 1975. The purpose of the RLF Program is to provide
regions with a flexible and continuing source of capital, to be used
with other economic development tools, for creating and retaining jobs
and inducing private investment that will contribute to long-term
economic stability and growth. EDA provides RLF grants to eligible
recipients (RLF recipients), which include State and local governments,
Indian Tribes, and non-profit organizations, to operate a lending
program that offers loans with flexible repayment terms, primarily to
small businesses in distressed communities that are unable to obtain
traditional bank financing. These loans enable small businesses to
expand and lead to new employment opportunities that pay competitive
wages and benefits.
RLF recipients must submit to EDA RLF Financial Report (Form ED-
209), which collects limited performance information that EDA uses to
oversee and monitor RLF awards (13 CFR 307.14(a)) and monitor the
health of their lending portfolio. EDA currently requires Form ED-209
to be submitted on an annual basis for high-performing RLF awards and
on a semi-annual basis for other RLF awards.
Since 2020, when PRA approval for Form ED-209 was last extended,
the number of RLF recipients required to report to EDA changed
substantially resulting in a net decrease in respondents and hour
burden associated with Form ED-209. On March 27, 2020, Congress enacted
the Coronavirus Aid, Relief, and Economic Security Act (Pub. L. 116-
136), appropriating $1,500,000,000 in supplemental funds to EDA to
``prevent, prepare for, and respond to coronavirus . . . including for
necessary expenses for responding to economic injury as a result of
coronavirus.'' EDA used a significant portion of those funds to fund
over 350 RLF grants. As a result, the number of respondents required to
submit Form ED-209 increased substantially. However, the RLF Act
enacted on October 30, 2020, allowed for EDA to release the Federal
interest in awards 7 years after final disbursement. The RLF Act has
allowed over 380 RLFs to be released from their Federal reporting
requirements. Although Form ED-209 is being extended without change,
and the estimated amount of time required to complete Form ED-209
remains unchanged at three hours, while the estimated annual burden
hours for Form ED-209 is decreasing because of the number of RLF grants
and respondents no longer required to complete Form ED-209 following
the release of EDA oversight.
Affected Public: EDA RLF grant recipients: State and local
governments, Indian Tribes, and non-profit organizations.
Frequency: Semi-annual and Annual.
Respondent's Obligation: Mandatory.
This information collection request may be viewed at
<a href="http://www.reginfo.gov">www.reginfo.gov</a>. Follow the instructions to view the Department of
Commerce collections currently under review by OMB.
[[Page 17811]]
Written comments and recommendations for the proposed information
collection should be submitted within 30 days of the publication of
this notice on the following website <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>.
Find this particular information collection by selecting ``Currently
under 30-day Review--Open for Public Comments'' or by using the search
function and entering either the title of the collection or the OMB
Control Number 0610-0095.
Sheleen Dumas,
Department PRA Clearance Officer, Office of the Under Secretary for
Economic Affairs, Commerce Department.
[FR Doc. 2024-05168 Filed 3-11-24; 8:45 am]
BILLING CODE 3510-24-P
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