View Information Collection Request (ICR) Package

OMB Control No: 1505-0227	ICR Reference No: 202205-1505-002
Status: Historical Active	Previous ICR Reference No: 202111-1505-003
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: State Small Business Credit Initiative Allocation Agreement
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 05/25/2022
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/25/2022
Retrieve Notice of Action (NOA)	Date Received in OIRA: 05/25/2022
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2022	6 Months From Approved	05/31/2022
Responses	176,500	0	500
Time Burden (Hours)	44,850	0	2,500
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: Eligible jurisdictions need to know what the reporting requirements are in order for them and their program providers (e.g., lenders and other financial entities) to build and modify their data collection systems to obtain this information. Lenders and other financial entities need to know what the requirements are before agreeing to partner with eligible jurisdictions to implement their SSBCI capital programs. The information collection of small business data will begin very quickly after Treasury approves an eligible jurisdiction’s capital program application and enters into an Allocation Agreement with that jurisdiction. This could be as soon as May 19, 2022, as Treasury has begun approving applications and jurisdictions have executed the Allocation Agreements. Thus, Treasury would like to get approval under the Paperwork Reduction Act (PRA) for this information collection by May 25, 2022, to provide jurisdictions and their financial entity partners ample time to prepare for the collection of information set forth in the Capital Program Reporting Guidance and IFR. To provide an opportunity for public input, Treasury has collected comments, including on the IFR’s PRA analysis, for 30 days after the effective date of the IFR. If Treasury identifies any appropriate changes to the IFR based on the public comments, Treasury will revise the rule accordingly. Jurisdictions and their financial entity partners cannot commence their capital programs after approval from Treasury without knowing what information must be collected. As mentioned above, SSBCI was reauthorized under ARPA, which was enacted in March of 2021 to address an unprecedented historic public health and economic crisis. The reauthorization included several new allocations, including allocations related to SEDI-owned and controlled businesses (SEDI-related allocations). In May and June of 2021, federal courts imposed preliminary injunctions on certain coronavirus relief programs that involved race-based policies. These cases necessitated extensive collaboration between Treasury, the Department of Justice, and others to determine an appropriate approach related to the structuring of SSBCI. Only after those issues were resolved could Treasury focus on regulations and guidance related to reporting and compliance related to such allocations.

Authorizing Statute(s): PL: Pub.L. 117 - 2 3301 Name of Law: American Rescue Plan Act of 2021

Citations for New Statutory Requirements: PL: Pub.L. 117 - 2 3301 Name of Law: American Rescue Plan Act of 2021

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1505-AC79	Final or interim final rulemaking	87 FR 13628	03/10/2022

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	176,500	500	176,000
Annual Time Burden (Hours)	44,850	2,500	42,350
Annual Cost Burden (Dollars)	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 burden is increasing by 42,350 hours due to the addition of the annual and quarterly reporting requirements in the Interim Final Rule and Capital Program Reporting Guidance.

Annual Cost to Federal Government: $3,290,332

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? Yes

Agency Contact: Katherine Reilly 202 622-0748 katherine.reilly@treasury.gov

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