The Small Business Administration is seeking feedback on the information it collects for the Paycheck Protection Program and whether there are ways to improve the quality of the data collected.
The SBA says in its Federal Tuesday Notice that in order to make financial aid available as quickly as possible after the PPP is cleared, the SBA has obtained emergency approval to collect the information necessary for the implementation. from the program.
Federal agencies wishing to collect information – requiring borrowers to fill out forms, for example – should first seek public comment. The emergency PPP approval included a waiver of this 60-day comment period.
This approval will expire on October 30. The SBA plans to ask the Office of Management and Budget to extend this date. Such an extension would allow the agency to stay in compliance with the Red Tape Reduction Act (PRA) while continuing to collect information from PPP participants, he said.
Leon LaBrecque, director of growth at Sequoia Financial Group in Troy, Mich., Said the agency was likely playing “catching up” on the notice requirement.
Veena Murthy, principal of Crowe LLP in Washington, wrote in an email message Tuesday that while such requests are required under the Paperwork Reduction Act, “Maybe this [SBA request] is done separately because they had a random method of posting the provisional final rules. I guess that’s good news as it means they think the forms and documents they describe are more or less finalized – considering they’ve waited so long for this “request for comment.” .
The SBA is seeking comments by September 14 on whether:
- The collection of information is necessary for the agency to perform its functions properly;
- Burden estimates are correct;
- There are ways to minimize the load, including through the use of automated techniques or other forms of information technology; and
- There are ways to improve the quality, usefulness and clarity of information.
LaBrecque wrote in an email message Tuesday morning that “it would seem intuitive to just forgive all small loans (eg, less than $ 350,000)”.