Reporting and Recordkeeping Requirements Under OMB Review, 60936-60937 [2018-25799]

Agencies

• SMALL BUSINESS ADMINISTRATION

[Federal Register Volume 83, Number 228 (Tuesday, November 27, 2018)]
[Notices]
[Pages 60936-60937]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-25799]


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SMALL BUSINESS ADMINISTRATION


Reporting and Recordkeeping Requirements Under OMB Review

AGENCY: Small Business Administration.

ACTION: 30-Day Notice.

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SUMMARY: The Small Business Administration (SBA) is publishing this 
notice to comply with requirements of the Paperwork Reduction Act 
(PRA), which requires agencies to submit proposed reporting and 
recordkeeping requirements to OMB for review and approval, and to 
publish a notice in the Federal Register notifying the public of that 
submission.

DATES: Submit comments on or before December 27, 2018.

ADDRESSES: Comments should refer to the information collection by name 
and/or OMB Control Number and should be sent to: Agency Clearance 
Officer, Curtis Rich, Small Business Administration, 409 3rd Street SW, 
5th Floor, Washington, DC 20416; and SBA Desk Officer, Office of 
Information and Regulatory Affairs, Office of Management and Budget, 
New Executive Office Building, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Curtis Rich, Agency Clearance Officer, 
(202) 205-7030 [email protected].
    Copies: A copy of the Form OMB 83-1, supporting statement, and 
other documents submitted to OMB for review may be obtained from the 
Agency Clearance Officer.

SUPPLEMENTARY INFORMATION: SBA Form 1050, Settlement Sheet is used in 
SBA's 7(a) Loan Program to collect information from lenders and 
borrowers regarding the disbursement of loan proceeds. SBA relies on 
this information during the guaranty purchase review process as a 
component in determining whether to honor a loan guaranty. The 
currently approved form primarily requires the lender and borrower to 
certify to whether they complied with a series of loan requirements. 
The current form also requires submission of documentation (e.g., joint 
payee or

[[Page 60937]]

cancelled checks, invoices or paid receipts, and wire transfer records) 
in support of the certification. SBA has determined that this current 
information collection lacks enough specificity to yield the 
information regarding use of proceeds that would enable the agency to 
effectively monitor compliance with loan disbursement procedures. As a 
result, SBA is proposing to change both the content and format of the 
Form 1050.
    The form will be divided into several sections to clearly identify 
the information to be submitted. The revised form will continue to 
collect the same basic identifying information such as loan amount, 
loan number and lender's name. In addition, the form will continue to 
require certifications from both the lender and borrower regarding 
compliance with the disbursement requirements and accuracy of 
information submitted. However, generally the enumerated statements 
will be reduced or combined and replaced with requests for specific 
information. The revised form will include a listing of all of the uses 
of loan proceeds. For each applicable use, information regarding the 
names of the payees, the amount disbursed, and the authorized amount 
remaining will be collected. The revised form will also include a 
section to document the borrower's equity injection of cash, assets, 
and any seller contribution (on full standby for the life of the loan).
    These changes will allow the lender to more clearly document all of 
the sources and uses of funds at the time of loan closing. This 
additional information will better allow both lenders and SBA staff to 
ensure that the necessary information is collected at the time of loan 
origination.

(a) Solicitation of Public Comments

Solicitation of Public Comments

    Comments may be submitted on (a) whether the collection of 
information is necessary for the agency to properly perform its 
functions; (b) whether the burden estimates are accurate; (c) whether 
there are ways to minimize the burden, including through the use of 
automated techniques or other forms of information technology; and (d) 
whether there are ways to enhance the quality, utility, and clarity of 
the information.
Summary of Information Collections
    Title: Settlement Sheet.
    Description of Respondents: SBA Lenders and Borrowers.
    Form Number: SBA Form 1050.
    Estimated Annual Respondents: 28,224.
    Estimated Annual Responses: 28,224.
    Estimated Annual Hour Burden: 14,112.

Curtis Rich,
Management Analyst.
[FR Doc. 2018-25799 Filed 11-26-18; 8:45 am]
 BILLING CODE 8025-01-P