The Small Business Administration (SBA) is seeking public comments on its information collection related to the Paycheck Protection Program (PPP), following the requirements of the Paperwork Reduction Act. This rule is intended to gather feedback before submitting the information to the Office of Management and Budget for review. Although the authority to issue new PPP loans has expired, the SBA still needs this information to process loan forgiveness applications, conduct reviews, and handle any ongoing litigation. The existing information collection will remain necessary due to the extended retention requirements for lender records.
Simple Explanation
The Small Business Administration wants to hear from people about how they collect information to process loans for a program that is no longer giving out new loans, but still needs to finish some paperwork. They ask for comments but may not make it easy for everyone to share their thoughts.