Overview
Title
Reporting and Recordkeeping Requirements Under OMB Review
Agencies
ELI5 AI
The Small Business Administration (SBA) wants permission to collect some information from small businesses to ensure they are following rules. They are giving people 30 days to say what they think about this plan.
Summary AI
The Small Business Administration (SBA) is asking for approval from the Office of Management and Budget (OMB) to collect certain information. They have published a notice that gives the public 30 days to provide comments on this information collection, which relates to the 504 Loan Program for small businesses. Interested individuals can send in their comments by April 2, 2025. The information collected will help the SBA make sure Certified Development Companies (CDCs) are following the rules and requirements of the SBA Loan Program.
Abstract
The Small Business Administration (SBA) is seeking approval from the Office of Management and Budget (OMB) for the information collection described below. In accordance with the Paperwork Reduction Act and OMB procedures, SBA is publishing this notice to allow all interested member of the public an additional 30 days to provide comments on the proposed collection of information.
Keywords AI
Sources
AnalysisAI
General Summary
The document is a notice from the Small Business Administration (SBA), seeking approval from the Office of Management and Budget (OMB) to collect information pertaining to the 504 Loan Program. This program is integral to facilitating long-term financing for small business development. The SBA has opened a 30-day window for public comments, enabling interested parties to voice their opinions on the proposed data collection. The focus of this collection appears to center around ensuring compliance with the Small Business Administration's Loan Program requirements by Certified Development Companies (CDCs). Respondents and stakeholders, particularly CDCs, are invited to comment on the necessity, accuracy, and potential improvements regarding the information collection process.
Significant Issues or Concerns
A few areas of concern arise within the document:
Ambiguity of Information Collection: The document lacks specific details about the exact nature of the information being collected, beyond referencing the "Annual Report." This could lead to confusion among the CDCs required to comply with this request, as they may be unsure of what exactly is expected from them.
Technological Ambiguity: The document mentions the possibility of using automated techniques or information technology to reduce the collection burden but fails to specify what these might be. This absence of specifics leaves room for interpretation, potentially hindering efficient compliance.
Significant Hourly Burden: The estimated annual burden of 5,460 hours appears substantial. Without a breakdown of these figures, it is challenging to assess whether the time commitment expected from CDCs is reasonable and justified.
Convoluted Contact Information: The presentation of contact information in the document could confuse stakeholders. The mix of email and phone contact details is not streamlined, which might deter some parties from seeking the support they need.
Lack of Cost Details: Any potential financial costs or impacts associated with completing SBA Form 1253 have not been addressed. This absence might concern CDCs who are planning for resource allocation, as they need comprehensive information to correctly gauge their commitments.
Impact on the Public
The document primarily affects CDCs involved in the SBA's 504 Loan Program. However, it also opens a channel for the broader public to engage in dialogue regarding government data collection. The public has the opportunity to contribute to a discussion about reducing bureaucratic burdens and potentially enhancing service delivery through this commentary period.
Impact on Stakeholders
Certified Development Companies (CDCs): The document imposes a significant requirement on these entities, particularly concerning compliance and reporting. The estimated annual time commitment might strain their resources. Furthermore, the lack of detailed guidance could make adherence more challenging, introducing potential inefficiencies.
Small Businesses: Indirectly, the 504 Loan Program aids small businesses by providing necessary capital for growth. Should the data collection process become onerous, CDCs might face operational challenges, potentially delaying loan dissemination to small businesses.
Public and Commenters: For those interested in the administrative processes of the SBA, this notice offers a chance to influence policy-level decisions relating to information collection and process optimization.
The document represents a routine but critical part of governmental procedures, offering a snapshot of how federal agencies ensure program adherence and effectiveness while inviting public input to refine these processes.
Issues
• The document does not clarify the specific nature of the information being collected aside from the general reference to the 'Annual Report,' which may lead to ambiguity for entities attempting to comply.
• The text mentions 'use of automated techniques or other forms of information technology' for minimizing burden but does not specify what those techniques might be, leaving it up to interpretation.
• The estimated annual hour burden is significant (5,460 hours) without a detailed breakdown of what this burden entails, which could make it difficult to assess whether this is reasonable or not.
• The contact information is presented in a somewhat convoluted manner, mixing email and phone contacts, which could confuse individuals attempting to seek further information.
• The document does not specify if there is any financial cost or impact associated with the completion of the SBA Form 1253, which would be relevant for Certified Development Companies to know.