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Federal Register / Vol. 86, No. 9 / Thursday, January 14, 2021 / Rules and Regulations
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the program would expire before the procedural steps, including the comment periods generally required by the Paperwork Reduction Act, could be completed.
Regulatory Flexibility Act RFA
The Regulatory Flexibility Act RFA
generally requires that when an agency issues a proposed rule, or a final rule pursuant to section 553b of the APA or another law, the agency must prepare a regulatory flexibility analysis that meets the requirements of the RFA and publish such analysis in the Federal Register. 5 U.S.C. 603, 604. Specifically, the RFA normally requires agencies to describe the impact of a rulemaking on small entities by providing a regulatory impact analysis. Such analysis must address the consideration of regulatory options that would lessen the economic effect of the rule on small entities. The RFA defines a small entity as 1 a proprietary firm meeting the size standards of the Small Business Administration SBA; 2 a nonprofit organization that is not dominant in its field; or 3 a small government jurisdiction with a population of less than 50,000. 5 U.S.C. 60136. Except for small government jurisdictions with a population of less than 50,000, neither State nor local governments are small entities.
The requirement to conduct a regulatory impact analysis does not apply if the head of the agency certifies that the rule will not, if promulgated, have a significant economic impact on a substantial number of small entities.
5 U.S.C. 605b. The agency must, however, publish the certification in the Federal Register at the time of publication of the rule, along with a statement providing the factual basis for such certification. If the agency head has not waived the requirements for a regulatory flexibility analysis in accordance with the RFAs waiver provision, and no other RFA exception applies, the agency must prepare the regulatory flexibility analysis and publish it in the Federal Register at the time of promulgation or, if the rule is promulgated in response to an emergency that makes timely compliance impracticable, within 180
days of publication of the final rule. 5
U.S.C. 604a, 608b.
Rules that are exempt from notice and comment are also exempt from the RFA
requirements, including conducting a regulatory flexibility analysis, when among other things the agency for good cause finds that notice and public procedure are impracticable, unnecessary, or contrary to the public interest. Small Business
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Administrations Office of Advocacy guide: How to Comply with the Regulatory Flexibility Ac. Ch.1. p.9.
Since this rule is exempt from notice and comment, SBA is not required to conduct a regulatory flexibility analysis.
Authority: 15 U.S.C. 636a36;
Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116136, section 1114
and Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act Pub.
L. 116260, section 303.
Jovita Carranza, Michael Faulkender, Assistant Secretary for Economic Policy.
FR Doc. 202100451 Filed 11221; 4:15 pm BILLING CODE 802603P

SMALL BUSINESS ADMINISTRATION
13 CFR Parts 120 and 121
Docket No. SBA20210002
RIN 3245AH63

Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans U.S. Small Business Administration.
ACTION: Interim final rule.
AGENCY:

This interim final rule announces the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act the Economic Aid Act.
The Economic Aid Act authorizes the U.S. Small Business Administration to guarantee additional loans under the temporary Paycheck Protection Program, which was originally established under the Coronavirus Aid, Relief, and Economic Security Act to provide economic relief to small businesses nationwide adversely impacted under the Coronavirus Disease 2019 COVID19 Emergency Declaration COVID19 Emergency Declaration issued by President Trump on March 13, 2020. Section 311 of the Economic Aid Act adds a second temporary program to SBAs 7a Loan Program titled, Paycheck Protection Program Second Draw Loans. This interim final rule implements the key provisions of section 311 of the Economic Aid Act and requests public comment.
DATES:
Effective Date: This interim final rule is effective January 12, 2021.
Applicability Date: This interim final rule applies to loan applications and applications for loan forgiveness submitted for Paycheck Protection Program Second Draw Loans.
SUMMARY:

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Comment Date: Comments must be received on or before February 16, 2021.
ADDRESSES: You may submit comments, identified by number SBA20210002
through the Federal eRulemaking Portal:
http www.regulations.gov. Follow the instructions for submitting comments.
SBA will post all comments on www.regulations.gov. If you wish to submit confidential business information CBI as defined in the User Notice at www.regulations.gov, please send an email to ppp-ifr@sba.gov. All other comments must be submitted through the Federal eRulemaking Portal described above. Highlight the information that you consider to be CBI
and explain why you believe SBA
should hold this information as confidential. SBA will review the information and make the final determination whether it will publish the information.
FOR FURTHER INFORMATION CONTACT: Call Center Representative at 8335720502, or the local SBA Field Office; the list of offices can be found at https
www.sba.gov/tools/local-assistance/
districtoffices.
SUPPLEMENTARY INFORMATION:
I. Background Information On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act the Economic Aid Act Pub. L. 116260 into law to provide continued assistance to individuals and businesses that have been financially impacted by the ongoing coronavirus pandemic. Section 311 of the Economic Aid Act added a new temporary section 7a37 to the Small Business Act 15
U.S.C. 636a37. This new section authorizes the U.S. Small Business Administration SBA or the Administration to guarantee Paycheck Protection Program Second Draw Loans PPP Second Draw Program, under generally the same terms and conditions available under the Paycheck Protection Program PPP established under section 7a36 of the Small Business Act 15
U.S.C. 636a36. Under section 311, SBA may guarantee loans under the PPP
Second Draw Program through March 31, 2021 Second Draw PPP Loans to borrowers that previously received a PPP loan under section 7a36 of the Small Business Act First Draw PPP
Loans and have used or will use the full amount of the initial PPP loan for authorized purposes on or before the expected date of disbursement of the Second Draw PPP Loan.
Like First Draw PPP Loans, Second Draw PPP Loans are intended to provide expeditious relief to Americas small
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