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B-332135 1 (2020-05-06)

handle is hein.gao/gaobaebdy0001 and id is 1 raw text is: G U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332135 May 6, 2020 The Honorable Marco Rubio Chairman The Honorable Ben Cardin Ranking Member Committee on Small Business & Entrepreneurship United States Senate The Honorable Nydia M. Velazquez Chairwoman The Honorable Steve Chabot Ranking Member Committee on Small Business House of Representatives Subject: Small Business Administration: Business Loan Program Temporary Changes; Paycheck Protection Program Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Small Business Administration (SBA) entitled Business Loan Program Temporary Changes; Paycheck Protection Program (RIN: 3245-AH34). We received the rule on April 22, 2020. It was published in the Federal Register as an interim final rule on April 15, 2020. 85 Fed. Reg. 20811. The effective date of the rule is April 15, 2020, but the rule has an applicability date through June 30, 2020, or until funds in the Paycheck Protection Program run out. The agency is holding a comment period through May 15, 2020. The interim final rule announces the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (Act). Pub. L. No. 116-136, 134 Stat. 281 (Mar. 27, 2020). The agency states section 1102 of the Act temporarily adds a new product, titled the Paycheck Protection Program, to SBA's 7(a) Loan Program. The agency states section 1106 of the Act provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program. According to SBA, the Paycheck Protection Program and loan forgiveness are intended to provide economic relief to small businesses nationwide adversely impacted under the Coronavirus Disease 2019 Emergency Declaration issued by the President on March 13, 2020. The agency states that this interim final rule outlines the key provisions of SBA's implementation of sections 1102 and 1106 of the Act in formal guidance and requests public comment. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). The 60-day delay in effective date can be waived, however, if the agency finds for good cause that delay is impracticable, unnecessary, or contrary to the public interest, and the agency incorporates a statement of the findings and its

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