[Federal Register Volume 86, Number 247 (Wednesday, December 29, 2021)]
[Notices]
[Pages 74207-74208]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-28260]


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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) 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 February 28, 2022.

ADDRESSES: Email all comments to: Teresa Rodriguez, Office of Financial 
Program Operations, Small Business Administration, at 
[email protected].

FOR FURTHER INFORMATION CONTACT: Adrienne Grierson, Deputy Director 
Office of Financial Program Operations, 202-205-6573, 
[email protected] or 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 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.

(a) Solicitation of Public Comments

    SBA is requesting comments on (i) Whether the collection of 
information is necessary for the agency to properly perform its 
functions; (ii) whether the burden estimates are accurate; (iii) 
whether there are ways to minimize the burden, including using 
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: 27,000.
    Frequency of Response per Respondent: 1.
    Total Estimated Annual Responses: 27,000.

[[Page 74208]]

    Total Estimated Annual Hour Burden: 30 minutes per respondent, for 
a total of 13,500 hours.

Curtis Rich,
Management Analyst.
[FR Doc. 2021-28260 Filed 12-28-21; 8:45 am]
BILLING CODE 8026-03-P