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B-332918 Feb 05, 2021 1 (2021-02-05)

handle is hein.gao/gaobaecqx0001 and id is 1 raw text is: 1Oo U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-332918 February 5, 2021 The Honorable Sherrod Brown Chairman Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Richard Neal Chairman The Honorable Kevin Brady Republican Leader Committee on Ways and Means House of Representatives Subject: Small Business Administration, Department of the Treasury: Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act 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 as Amended by Economic Aid Act (RINs: 3245-AH62, 1505-AC74). We received the rule on January 22, 2021. It was published in the Federal Register as an interim final rule on January 14, 2021. 86 Fed. Reg. 3692. The effective date of the interim final rule is January 12, 2021. According to SBA, the interim final rule incorporates the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) amendments, Consolidated Appropriations Act, 2021, Pub. L. No. 116-260, div. N, title III, 134 Stat. 1187, 1999 (Dec. 27, 2020), required to be implemented by regulation within 10 days of enactment. For ease of borrower and lender reference, SBA stated the interim final rule also consolidates the interim final rules (and important guidance) issued to date governing borrower eligibility, lender eligibility, and Paycheck Protection Program (PPP) application and origination requirements for new PPP loans, as well as provides general rules relating to loan increases and loan forgiveness. SBA further stated the interim final rule is intended to govern new PPP loans made under the Economic Aid Act, as well as applications for loan forgiveness on existing PPP loans where the loan forgiveness payment has not been remitted, and should not be construed to alter or affect the requirements applicable to PPP loans closed prior to its enactment, unless the provisions apply retroactively consistent with specific applicability provisions of the Economic Aid Act as identified in this interim final rule. In addition, SBA stated that in this interim final rule, the Department of the Treasury exercises its authority to allow borrowers of first draw PPP loans to use 2019 or 2020 to calculate their maximum loan amount. 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,

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