[Federal Register Volume 83, Number 228 (Tuesday, November 27, 2018)]
[Notices]
[Pages 60936-60937]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-25799]
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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 publishing this
notice to comply with requirements of the Paperwork Reduction Act
(PRA), which requires agencies to submit proposed reporting and
recordkeeping requirements to OMB for review and approval, and to
publish a notice in the Federal Register notifying the public of that
submission.
DATES: Submit comments on or before December 27, 2018.
ADDRESSES: Comments should refer to the information collection by name
and/or OMB Control Number and should be sent to: Agency Clearance
Officer, Curtis Rich, Small Business Administration, 409 3rd Street SW,
5th Floor, Washington, DC 20416; and SBA Desk Officer, Office of
Information and Regulatory Affairs, Office of Management and Budget,
New Executive Office Building, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: Curtis Rich, Agency Clearance Officer,
(202) 205-7030 [email protected].
Copies: A copy of the Form OMB 83-1, supporting statement, and
other documents submitted to OMB for review may be obtained from the
Agency Clearance Officer.
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
[[Page 60937]]
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
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.
Summary of Information Collections
Title: Settlement Sheet.
Description of Respondents: SBA Lenders and Borrowers.
Form Number: SBA Form 1050.
Estimated Annual Respondents: 28,224.
Estimated Annual Responses: 28,224.
Estimated Annual Hour Burden: 14,112.
Curtis Rich,
Management Analyst.
[FR Doc. 2018-25799 Filed 11-26-18; 8:45 am]
BILLING CODE 8025-01-P