B-332135 1 (2020-05-06)

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441 G St. N.W.
Washington, DC 20548


May 6, 2020

The Honorable Marco Rubio
The Honorable Ben Cardin
Ranking Member
Committee on Small Business & Entrepreneurship
United States Senate

The Honorable Nydia M. Velazquez
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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