View Rule

SBA is issuing this interim final rule to adjust its civil monetary penalties, in accordance with section 701 of the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.  The Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 requires agencies to: (1) Adjust the level of civil monetary penalties with an initial catch-up” adjustment through an interim final rulemaking (IFR); and (2) make subsequent annual adjustments for inflation. Inflation adjustments will be based on the percent change in the Consumer Price Index.  Agencies are required to publish interim final rules with the initial penalty adjustment amounts by July 1, 2016, and the new penalty levels must take effect no later than August 1, 2016. These adjustments will apply to all civil monetary penalties covered by the Inflation Adjustment Act. This rule will also amend SBA’s Program Fraud Civil Remedies Act regulations. SBA will propose to conform the amount of the penalties that may be imposed under that statute, for making false claims and false statements, to the amount established by the Department of Justice.