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B-332917 Feb 05, 2021 1 (2021-02-05)

handle is hein.gao/gaobaecqy0001 and id is 1 raw text is: m1O o U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-332917 February 5, 2021 The Honorable Sherrod Brown Chairman Ranking Member Patrick J. Toomey 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: Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans 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 Second Draw Loans (RIN: 3245-AH63). 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. 3712. The effective date of the rule is January 12, 2021. According to SBA, this interim final rule announces the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, Pub. L. No. 116-260, div. N, title III, 134 Stat. 1182, 1993 (Dec. 27, 2020), (Economic Aid Act). SBA stated that the Economic Aid Act authorizes it to guarantee additional loans under the temporary Paycheck Protection Program, which was originally established under the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136, 134 Stat. 281 (Mar. 27, 2020), to provide economic relief to small businesses nationwide adversely impacted under the Coronavirus Disease 2019 Emergency Declaration issued by President Trump on March 13, 2020, 85 Fed. Reg. 15337. Section 311 of the Economic Aid Act, according to SBA, adds a second temporary program to SBA's 7(a) Loan Program titled, Paycheck Protection Program Second Draw Loans. The rule, according to SBA, implements the key provisions of section 311 of the Economic Aid 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. § 808(2). For this interim final rule, SBA stated that it

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