The Small Business Administration (SBA) is announcing its compliance with the Paperwork Reduction Act by submitting proposed reporting and recordkeeping requirements to the Office of Management and Budget (OMB) for review and approval. The announcement is published in the Federal Register to inform the public. The SBA uses Form 172 to collect loan payment data from lenders who service SBA-purchased loans. The public is invited to submit comments on the necessity and burden of this information collection by March 1, 2021.
Simple Explanation
The Small Business Administration wants to make sure they follow rules about collecting and saving information and is telling people they asked another office if their plan is okay. They want to know what people think about a form called SBA Form 172, which helps track how loans are paid back, and people can give their thoughts until March 1, 2021.