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View ICR - OIRA Conclusion
OMB Control No:
1505-0227
ICR Reference No:
201202-1505-003
Status:
Historical Active
Previous ICR Reference No:
201201-1505-001
Agency/Subagency:
TREAS/DO
Agency Tracking No:
Title:
State Small Business Credit Initiative Allocation Agreement
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
01/12/2012
OIRA Conclusion Action:
Approved with change
Conclusion Date:
03/01/2012
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/15/2012
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2012
07/31/2012
07/31/2012
Responses
676
676
612
Time Burden (Hours)
1,390
1,390
1,064
Cost Burden (Dollars)
0
0
0
Abstract:
Under the Small Business Jobs Act of 2010 (the "Act"), the Department of the Treasury is responsible for implementing several components of the Act. Among these components is a program under title III of the Act which requires Treasury to make payments to participating states. Participating states will use the federal funds for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs. The collection of information is necessary to ensure that the allocation agreement constitutes a legal binding obligation of the participating state and to monitor participating state compliance and performance. The recordkeeping requirements ensure both the effective and efficient use of the funds consistent with the agreement.
Emergency Justfication:
On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 (the “Act”). The Act created the State Small Business Credit Initiative (“SSBCI”) to be administered by the Department of the Treasury (“Treasury”) which was funded with $1.5 billion to strengthen state programs that support lending to small businesses, and small manufacturers. The SSBCI is expected to help spur up to $15 billion in lending to small businesses to help address the current economic challenges facing small businesses many of which are at imminent risk for failure. The SSBCI is currently a one-time program created to address the acute need for small business access to credit in the current economy. Applications from the states, territories and the District of Columbia that have indicated their intent to apply were due by June 27, 2011; applications from municipalities were due September 27, 2011. More than 58 eligible applicants applied for allocations. As noted in the PRA Justification memo, this request comprises a reinstatement of two prior approved collections as well as two new collections. The need for each of these collections is to immediately increase the effectiveness of funds already disbursed (and in the case of the Municipal Allocation Agreement, to effectuate the approval of funds to five applicants whose submitted applications presented specific changes to the standard agreement). The need for each of these collections are driven by the needs of participating states to be able to quickly adapt to economic changes and to enhance program performance, thus meeting the program objective of rapidly using these funds to promote small business lending, as noted above. Further, Section 3003(c)(4) of the Act subjects all participating states to potential rescission of allocated amounts if all funds are not deployed within two years of the initial allocation. It is therefore critical that the revised SSBCI Application and the revised SSBCI allocation agreement with the new collections of information contained therein be made available immediately to applicant states, territories, and municipalities. For the above states reasons, Treasury respectfully requests emergency PRA clearance of the revised SSBCI Application and revised SSBCI Allocation Agreement.
Authorizing Statute(s):
PL: Pub.L. 111 - 240 3 Name of Law: Small Business Jobs Act of 2010
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
6
IC Title
Form No.
Form Name
Allocation Agreement for Participating Municipalities
null, null
SSBCI Application
null
SSBCI Allocation Agreement Quarterly Reports
null
SSBCI Allocation Agreement Annual Reports
null
Quarterly Technical Assistance Review
null
Compliance Guidance
null
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
676
612
0
64
0
0
Annual Time Burden (Hours)
1,390
1,064
0
326
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The new burden reflects elements of the compliance standards guidance not explicitly defined in the original clearance.
Annual Cost to Federal Government:
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [PPACA, P.L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Act [Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Agency Contact:
Daniel Ballard 202 674-1781
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
02/15/2012
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