B-332140 1 (2020-05-06)

handle is hein.gao/gaobaebdz0001 and id is 1 raw text is: 

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-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

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