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Federal Register / Vol. 86, No. 9 / Thursday, January 14, 2021 / Rules and Regulations
i for a Second Draw PPP Loan of up to and including $50,000, in an amount equal to the lesser of:
A 50 percent of the balance of the financing outstanding at the time of disbursement of the loan; or B $2,500; and ii for a Second Draw PPP Loan of more than $50,000, in an amount that is:
A 5 percent of the balance of the financing outstanding at the time of disbursement of the loan for a loan up to and including $350,000; and B 3 percent of the balance of the financing outstanding at the time of disbursement of the loan for a loan above $350,000.
i Will an applicants Second Draw PPP
Loan application be affected if there are unresolved issues regarding the applicants First Draw PPP Loan?
1 If a First Draw PPP Loan is under review pursuant to PPP rules and/or information in SBAs possession indicates that the borrower may have been ineligible for the First Draw PPP
Loan it received or for the loan amount received by the borrower, the lender will receive notification from SBA when the lender submits an application for guaranty of a Second Draw PPP Loan unresolved borrower.
2 If the lender receives notification that the Applicant for a Second Draw PPP Loan is an unresolved borrower, the lender will not receive an SBA loan number. SBA will resolve the issue related to the unresolved borrower expeditiously and will notify the lender of the process to obtain an SBA loan number for the Second Draw PPP Loan, if appropriate.

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j Are Second Draw PPP Loans eligible for loan forgiveness?
Second Draw PPP Loans are eligible for loan forgiveness on the same terms and conditions as First Draw PPP Loans, except that Second Draw PPP Loan borrowers with a principal amount of $150,000 or less are required to provide documentation of revenue reduction if such documentation was not provided at the time of the loan application as specified in subsections g2iv and v of this section.
V. Additional Information SBA may provide further guidance, if needed, through SBA notices and a program guide which will be posted on SBAs website at www.sba.gov.
Questions on the Paycheck Protection Program 7a Loans First Draw PPP
Loans and Second Draw PPP Loans may be directed to the Lender Relations Specialist in the local SBA Field Office.
The local SBA Field Office may be
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found at https www.sba.gov/tools/
local-assistance/districtoffices.
Compliance With Executive Orders 12866, 12988, 13132, 13563, and 13771, the Paperwork Reduction Act 44 U.S.C.
Ch. 35, and the Regulatory Flexibility Act 5 U.S.C. 601612
Executive Orders 12866, 13563, and 13771
This interim final rule is economically significant for the purposes of Executive Orders 12866 and 13563, and the Office of Management and Budgets Office of Information and Regulatory Affairs OIRA had determined that this is a major rule under the Congressional Review Act 5
U.S.C. 8042. SBA, however, is proceeding under the emergency provision at Executive Order 12866
section 6a3D based on the need to move expeditiously to mitigate the current economic conditions arising from the COVID19 emergency. This rules designation under Executive Order 13771 will be informed by public comment.
This rule is necessary to implement the Economic Aid Act in order to provide economic relief to small businesses nationwide adversely impacted under the COVID19
Emergency Declaration. We anticipate that this rule will result in substantial benefits to small businesses, their employees, and the communities they serve. However, we lack data to estimate the effects of this rule.
The Administrator of OIRA has determined that this is a major rule for purposes of the Congressional Review Act 5 U.S.C. 801 et seq. CRA. Under section 8013 of the CRA, a major rule takes effect 60 days after the rule is published in the Federal Register.
Notwithstanding this requirement, section 8082 of the CRA allows agencies to dispense with the requirements of section 801 when the agency for good cause finds that such procedure would be impracticable, unnecessary, or contrary to the public interest and the rule shall take effect at such time as the agency promulgating the rule determines. Pursuant to section 8082 of the CRA, SBA finds, for good cause, that a 60-day delay in the effective date is unnecessary and contrary to the public interest.
As discussed elsewhere in this interim final rule, the last day to apply for and receive a PPP loan is March 31, 2021. Given the short duration of this program, and the urgent need to issue loans quickly, the Administrator in consultation with the Secretary has determined that it is impractical and not
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in the public interest to provide a delayed effective date. An immediate effective date will give small businesses the maximum amount of time to apply for loans and lenders the maximum amount of time to process applications before the program ends.
Executive Order 12988
SBA has drafted this rule, to the extent practicable, in accordance with the standards set forth in section 3a and 3b2 of Executive Order 12988, to minimize litigation, eliminate ambiguity, and reduce burden. The rule has no preemptive or retroactive effect.
Executive Order 13132
SBA has determined that this rule will not have substantial direct effects on the States, on the relationship between the National Government and the States, or on the distribution of power and responsibilities among the various layers of government. Therefore, SBA has determined that this rule has no federalism implications warranting preparation of a federalism assessment.
Paperwork Reduction Act, 44 U.S.C.
Chapter 35
SBA has determined that this rule will impose new recordkeeping or reporting requirements under the Paperwork Reduction Act PRA. This information collection IC consists of SBA Form 2483SD Paycheck Protection Program Second Draw Application Form and SBA Form 2484
SD Paycheck Protection Program Lenders ApplicationSecond Draw Loan Guaranty. SBA has requested emergency approval for the IC required to implement the Second Draw PPP
Program described above.
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
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