Overview
Title
Data Collection Available for Public Comments
Agencies
ELI5 AI
The Small Business Administration wants people to say what they think about some changes they're planning to make to a form related to buying and selling things, and they hope to make the way they collect this information easier. They need to know if the changes are good or if they make things too hard, and they want people to share their thoughts before February 18, 2025.
Summary AI
The Small Business Administration (SBA) is planning to request approval from the Office of Management and Budget (OMB) to revise the information collection process for Form 1086, which relates to secondary market transactions. This request is part of the requirements under the Paperwork Reduction Act (PRA), and the SBA is seeking public comments about the necessity and accuracy of the information collection, as well as ways to minimize its burden. Comments should be submitted by February 18, 2025. The agency is particularly interested in suggestions on enhancing the clarity and utility of the information collected.
Abstract
The Small Business Administration (SBA) intends to request approval, from the Office of Management and Budget (OMB) for a revision to the collection of information in Form 1086 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.
Keywords AI
Sources
AnalysisAI
The document from the Federal Register is a notice from the Small Business Administration (SBA) regarding its plans to seek approval for revising a form related to secondary market transactions. Specifically, the SBA wants to revise Form 1086, and as part of the process required by the Paperwork Reduction Act (PRA), they are inviting public comments on this proposal. Comments from the public are welcomed until February 18, 2025. The document includes an estimation of the burden this information collection may have on respondents and invites suggestions on how to enhance the clarity and utility of the collected information.
General Summary of the Document
The notice serves the dual purpose of informing the public about the intended revision and soliciting feedback. The SBA aims to ensure that the collection of information continues to serve its purpose effectively while minimizing any unnecessary burden on stakeholders. The collected information is critical for facilitating secondary market transactions and ensuring compliance with relevant U.S. statutes.
Significant Issues or Concerns
There are several notable concerns that arise from the document:
Lack of Specific Details: The notice lacks specifics about the proposed revisions to Form 1086. Without clear details on the nature of these changes, stakeholders might find it difficult to offer meaningful feedback.
Necessity of Information Collection: The document mentions the requirement to collect information for facilitating market transactions but does not clearly articulate why these specifics are necessary or how they contribute to the SBA's broader objectives.
Estimation of Burden: The document estimates an annual burden of 62,000 hours for respondents without providing a rationale or breakdown of this estimate. Understanding the reasoning behind this number would help assess its accuracy.
Potential for Automation: There is an invitation for suggestions on using technology to reduce the burden, yet the document does not highlight any existing or potential automated solutions, missing an opportunity to lead with recommendations or examples.
Impact on the Public
Broadly, this document represents an attempt by a federal agency to involve the public in its decision-making process, which aligns with democratic principles of participation and transparency. However, the effectiveness of this engagement is contingent upon the level of detail and clarity provided about the proposed changes.
Impact on Specific Stakeholders
For small business lenders, who are the primary respondents of this information collection, the revisions to Form 1086 and potential adjustments in their paperwork requirements could have direct consequences. If the revisions streamline processes or reduce paperwork, it could positively impact their operational efficiency. Conversely, if the revisions increase complexity or require significant time investment, there could be negative impacts in terms of resources and time.
For regulatory bodies, improved clarity and efficiency in data collection can enhance compliance monitoring and streamline administrative processes. Nevertheless, without transparent communication regarding the benefits and requirements of these changes, there is a risk of misunderstanding or noncompliance among stakeholders.
Overall, while the SBA's invitation for public comments is a vital step in ensuring the proposed form revisions meet stakeholder needs, it could be significantly enhanced by providing more detailed explanations and a clearer picture of the intended revisions and their implications.
Issues
• The document does not specify the exact nature of the revision intended for Form 1086, which may lead to ambiguity regarding the changes being proposed.
• There is no detailed explanation for the necessity of the information collection, only a general statement that it is used to facilitate and administer secondary market transactions.
• The document mentions an estimated annual hour burden of 62,000 hours but does not provide a breakdown or justification of how this number was calculated, which makes it difficult to assess its accuracy.
• The document does not provide information on any potential benefits or efficiencies gained from automated techniques, despite seeking comments on ways to minimize the burden.