About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

B-332140 1 (2020-05-06)

handle is hein.gao/gaobaebdz0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332140 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-AH35). 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. 20817. 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 supplements an initial rule SBA issued to implement provisions of the Coronavirus Aid, Relief, and Economic Security Act (the Act). Pub. L. No. 116-136, 134 Stat. 281 (Mar. 27, 2020). According to SBA, the rule provides additional guidance regarding the application of certain affiliate rules applicable to SBA's implementation of sections 1102 and 1106 of the Act 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 reasons in the rule issued. 5 U.S.C. §§ 553(b)(3)(B), 808(2). Here, although SBA did not specifically mention CRA's 60-day delay in effective date requirement, the agency found good cause to waive notice and comment procedures and incorporated a brief statement of reasons. Specifically, SBA stated small businesses need to be informed on how to apply for a loan and the terms of the loan under section 1102 of the Act as soon as possible because the last day to

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most