Prompt Payment Interest Rate; Contract Disputes Act, 58467 [2024-15721]

Download as PDF Federal Register / Vol. 89, No. 138 / Thursday, July 18, 2024 / Notices Administrator’s EIDL declaration, applications for disaster loans may be submitted online using the MySBA Loan Portal https://lending.sba.gov or other locally announced locations. Please contact the SBA disaster assistance customer service center by email at disastercustomerservice@ sba.gov or by phone at 1–800–659–2955 for further assistance. The following areas have been determined to be adversely affected by the disaster: Primary Counties: Teton. Contiguous Counties: Idaho: Bonneville, Fremont, Madison Wyoming: Teton The Interest Rates are: An agency that has acquired property or service from a business concern and has failed to pay for the complete delivery of property or service by the required payment date shall pay the business concern an interest penalty. 31 U.S.C. 3902(a). The Contract Disputes Act of 1978, sec. 12, Public Law 95–563, 92 Stat. 2389, and the Prompt Payment Act, 31 U.S.C. 3902(a), provide for the calculation of interest due on claims at the rate established by the Secretary of the Treasury. The Secretary of the Treasury has the authority to specify the rate by which the interest shall be computed for interest payments under section 12 of the Contract Disputes Act of 1978 and Percent under the Prompt Payment Act. Under the Prompt Payment Act, if an interest Business and Small Agricultural penalty is owed to a business concern, Cooperatives without Credit the penalty shall be paid regardless of Available Elsewhere .................. 4.000 whether the business concern requested Non-Profit Organizations without Credit Available Elsewhere ....... 3.250 payment of such penalty. 31 U.S.C. 3902(c)(1). Agencies must pay the interest penalty calculated with the The number assigned to this disaster interest rate, which is in effect at the for economic injury is 204500. The States which received an EIDL time the agency accrues the obligation Declaration are Idaho, Wyoming. to pay a late payment interest penalty. 31 U.S.C. 3902(a). ‘‘The interest penalty (Catalog of Federal Domestic Assistance shall be paid for the period beginning Number 59008) on the day after the required payment Isabella Guzman, date and ending on the date on which Administrator. payment is made.’’ 31 U.S.C. 3902(b). [FR Doc. 2024–15798 Filed 7–17–24; 8:45 am] Therefore, notice is given that the BILLING CODE 8026–09–P Secretary of the Treasury has determined that the rate of interest applicable for the period beginning July 1, 2024, and ending on December 31, DEPARTMENT OF THE TREASURY 2024, is 47⁄8 per centum per annum. Bureau of the Fiscal Service Timothy E. Gribben, Commissioner, Bureau of the Fiscal Service. Prompt Payment Interest Rate; Contract Disputes Act [FR Doc. 2024–15721 Filed 7–17–24; 8:45 am] BILLING CODE 4810–AS–P Bureau of the Fiscal Service, Treasury. ACTION: Notice of Prompt Payment Interest Rate; Contract Disputes Act. AGENCY: khammond on DSKJM1Z7X2PROD with NOTICES DEPARTMENT OF THE TREASURY For the period beginning July 1, 2024, and ending on December 31, 2024, the prompt payment interest rate is 47⁄8 per centum per annum. DATES: Applicable July 1, 2024, to December 31, 2024. ADDRESSES: Comments or inquiries may be mailed to: E-Commerce Division, Bureau of the Fiscal Service, 401 14th Street SW, Room 306F, Washington, DC 20227. Comments or inquiries may also be emailed to PromptPayment@ fiscal.treasury.gov. FOR FURTHER INFORMATION CONTACT: Thomas M. Burnum, E-Commerce Division, (202) 874–6430; or Ashlee Adams, Senior Counsel, Office of the Chief Counsel, (304) 480–8692. SUMMARY: VerDate Sep<11>2014 16:47 Jul 17, 2024 Jkt 262001 SUPPLEMENTARY INFORMATION: Bureau of the Fiscal Service Proposed Collection of Information: Schedule of Excess Risks Notice and request for comments. ACTION: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently the Bureau of the Fiscal Service within the Department of the Treasury is soliciting comments SUMMARY: PO 00000 Frm 00141 Fmt 4703 Sfmt 9990 58467 concerning the Schedule of Excess Risks. Written comments should be received on or before September 16, 2024 to be assured of consideration. ADDRESSES: Direct all written comments and requests for additional information to Bureau of the Fiscal Service, Bruce A. Sharp, Room #4006–A, PO Box 1328, Parkersburg, WV 26106–1328, or bruce.sharp@fiscal.treasury.gov. SUPPLEMENTARY INFORMATION: Title: Schedule of Excess Risks. OMB Number: 1530–0062. Form Number: FS Form 285–A. Abstract: This information is collected from insurance companies to assist the Treasury Department in determining whether a certified or applicant company is solvent and able to carry out its contracts, and whether the company complies with Treasury excess risk regulations for writing Federal surety bonds. Current Actions: Revision of a currently approved collection. Type of Review: Existing Collection in use without OMB Control Number. Affected Public: Extension of a currently approved collection. Estimated Number of Respondents: 1,072 total. Estimated Time per Respondent: New Applicants—20 hours; Renewals—5 hours. Estimated Total Annual Burden Hours: 5,660. Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: 1. Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; 2. the accuracy of the agency’s estimate of the burden of the collection of information; 3. ways to enhance the quality, utility, and clarity of the information to be collected; 4. ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and 5. estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. DATES: Dated: July 15, 2024. Bruce A. Sharp, Bureau PRA Clearance Officer. [FR Doc. 2024–15818 Filed 7–17–24; 8:45 am] BILLING CODE 4810–AS–P E:\FR\FM\18JYN1.SGM 18JYN1

Agencies

DEPARTMENT OF THE TREASURY
Bureau of the Fiscal Service

[Federal Register Volume 89, Number 138 (Thursday, July 18, 2024)]
[Notices]
[Page 58467]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-15721]


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DEPARTMENT OF THE TREASURY

Bureau of the Fiscal Service


Prompt Payment Interest Rate; Contract Disputes Act

AGENCY: Bureau of the Fiscal Service, Treasury.

ACTION: Notice of Prompt Payment Interest Rate; Contract Disputes Act.

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SUMMARY: For the period beginning July 1, 2024, and ending on December 
31, 2024, the prompt payment interest rate is 4\7/8\ per centum per 
annum.

DATES: Applicable July 1, 2024, to December 31, 2024.

ADDRESSES: Comments or inquiries may be mailed to: E-Commerce Division, 
Bureau of the Fiscal Service, 401 14th Street SW, Room 306F, 
Washington, DC 20227. Comments or inquiries may also be emailed to 
[email protected].

FOR FURTHER INFORMATION CONTACT: Thomas M. Burnum, E-Commerce Division, 
(202) 874-6430; or Ashlee Adams, Senior Counsel, Office of the Chief 
Counsel, (304) 480-8692.

SUPPLEMENTARY INFORMATION: An agency that has acquired property or 
service from a business concern and has failed to pay for the complete 
delivery of property or service by the required payment date shall pay 
the business concern an interest penalty. 31 U.S.C. 3902(a). The 
Contract Disputes Act of 1978, sec. 12, Public Law 95-563, 92 Stat. 
2389, and the Prompt Payment Act, 31 U.S.C. 3902(a), provide for the 
calculation of interest due on claims at the rate established by the 
Secretary of the Treasury.
    The Secretary of the Treasury has the authority to specify the rate 
by which the interest shall be computed for interest payments under 
section 12 of the Contract Disputes Act of 1978 and under the Prompt 
Payment Act. Under the Prompt Payment Act, if an interest penalty is 
owed to a business concern, the penalty shall be paid regardless of 
whether the business concern requested payment of such penalty. 31 
U.S.C. 3902(c)(1). Agencies must pay the interest penalty calculated 
with the interest rate, which is in effect at the time the agency 
accrues the obligation to pay a late payment interest penalty. 31 
U.S.C. 3902(a). ``The interest penalty shall be paid for the period 
beginning on the day after the required payment date and ending on the 
date on which payment is made.'' 31 U.S.C. 3902(b).
    Therefore, notice is given that the Secretary of the Treasury has 
determined that the rate of interest applicable for the period 
beginning July 1, 2024, and ending on December 31, 2024, is 4\7/8\ per 
centum per annum.

Timothy E. Gribben,
Commissioner, Bureau of the Fiscal Service.
[FR Doc. 2024-15721 Filed 7-17-24; 8:45 am]
BILLING CODE 4810-AS-P

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