The Small Business Administration (SBA) is planning to seek approval from the Office of Management and Budget (OMB) to amend the data collection requirements related to the Small Business Investment Company (SBIC) program. According to the Paperwork Reduction Act (PRA), federal agencies must publish a notice and allow for a 60-day public comment period before submitting their information requests to OMB. The SBA is requesting public feedback on whether this information collection is necessary for its functions, and seeks suggestions on reducing the burden and improving information quality. Comments are due by February 21, 2025.
Simple Explanation
The Small Business Administration (SBA) wants to change some rules about how they collect information and are asking people to share their thoughts on this. They have to let everyone comment on it for two months to see if they can make it easier or better for everyone involved.