View Information Collection Request (ICR) Package

OMB Control No: 3245-0406	ICR Reference No: 202108-3245-001
Status: Historical Active	Previous ICR Reference No: 202009-3245-004
Agency/Subagency: SBA	Agency Tracking No:
Title: Economic Injury Disaster Loan Application (EIDL) COVID-19
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 08/18/2021
OIRA Conclusion Action: Approved with change	Conclusion Date: 08/16/2021
	Date Received in OIRA: 08/11/2021
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2022	6 Months From Approved	11/30/2023
Responses	22,000,000	0	17,000,000
Time Burden (Hours)	27,500,000	0	28,333,333
Cost Burden (Dollars)	704,000,000	0	0

Abstract: The information will be collected from small businesses and nonprofit applicants in support of their application for an economic injury loan or grant related to COVID-19. SBA will use the information to determine eligibility and whether to approve or disapprove the application .

Emergency Justfication: August 11, 2021 Susan Minson SBA Desk Officer Office of Management and Budget Dear Ms. Minson: Pursuant to the Office of Management and Budget (OMB) procedures in 5 CFR Part 1320, SBA requests emergency review of revisions to the collection of information for the COVID-19 EIDL Loan Program (COVID EIDL). This information collection (OMB Control Number 3245-0406) is currently approved until November 30, 2023. This request for emergency processing, includes a request for waiver of the requirement to publish the 60-day and 30-day public comment notices in the Federal Register. In order to simplify and streamline the process for applicants, SBA has consolidated Forms 3501 (COVID-19 Economic Injury Disaster Loan Application), 3502 (Economic Injury Disaster Loan Supporting Information), and 3503 (Self-Certification for Verification of Eligible Entity for Economic Injury Disaster Loan) into one form. This will reduce the burden on applicants as they will only need to enter certain information once. SBA also added questions related to entity type and types of business activity to assist applicants and SBA in determining eligibility. Further, SBA revised the questions related to the calculation of economic injury for clarity and to aid in automating the review process. These amendments and others will simplify the program requirements for the COVID EIDL, expand the number of entities that will be eligible for loans under the program, and increase the flow of funds to businesses and nonprofit organizations that still need relief from the COVID -19 pandemic Many small businesses continue to face diminished operations and concerns of potential impact of the Delta COVID variant. With the end of the Paycheck Protection Program and the exhaustion of the Restaurant Revitalization Fund, the COVID-EIDL program is now the primary remaining resource for supporting small businesses back to stabilized operations. However, the deadline to apply for COVID EIDL loans is December 31, 2021. Due to that looming deadline, plus the ongoing critical need for financial assistance, SBA is requesting that OMB review and approve the revised information collection under the emergency procedures set forth in 5 CFR 1320.13 by August 18, 2021. Sincerely, Dianna Seaborn Dianna Seaborn, Director Office of Financial Assistance

Authorizing Statute(s): None

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: 1

IC Title	Form No.	Form Name
Economic Injury Disaster Loan Application (EIDL) COVID-19	SBA Form 3501

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	22,000,000	17,000,000	5,000,000
Annual Time Burden (Hours)	27,500,000	28,333,333	-833,333
Annual Cost Burden (Dollars)	704,000,000	0	704,000,000

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The burden has been increased to reflect activity for the program to date as well as the future estimated activity.

Annual Cost to Federal Government: $925,200,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: Mary Frias 202 401-8234 mary.frias@sba.gov

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