[Federal Register Volume 83, Number 149 (Thursday, August 2, 2018)]
[Notices]
[Pages 37878-37879]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-16558]


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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) of 1995, 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 October 1, 2018.

ADDRESSES: Send all comments to Susan Suckfiel, Supervisory Financial 
Analyst, Office of Capital Access, Small Business Administration, 409 
3rd Street, 8th Floor, Washington, DC 20416.

FOR FURTHER INFORMATION CONTACT: Susan Suckfiel, Supervisory Financial 
Analyst, 202-205-6443, [email protected] or Curtis B. Rich, 
Management Analyst, 202-205-7030, [email protected];

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 
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 this 
current information collection lacks enough specificity to yield the 
information regarding use of proceeds that would enable the agency to 
effectively monitor compliance with loan disbursement procedures. 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. However, generally the enumerated statements 
will be reduced or combined and replaced with requests for specific 
information. the revised form will include a listing of all of the uses 
of loan proceeds. For each applicable use, information regarding the 
names of the payees, the amount disbursed, and the authorized amount 
remaining will be collected. The revised form will also include a 
section to document the borrower's equity injection of cash, assets, 
and any seller contribution (on full standby for the life of the loan).
    These changes will allow the lender to more clearly document all of 
the sources and uses of funds at the time of loan closing. 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

[[Page 37879]]

perform its functions; (ii) whether the burden estimates are accurate; 
(iii) whether there are ways to minimize the burden, including through 
the use of 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: 28,224.
    Frequency of Response per Respondent: 1.
    Total Estimated Annual Responses: 28,224.
    Total Estimated Annual Hour Burden: 4,800.

Curtis Rich,
Management Analyst.
[FR Doc. 2018-16558 Filed 8-1-18; 8:45 am]
BILLING CODE 8025-01-P