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Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations subsequent rulemaking. We may also engage in a rulemaking that implements section 5.61Ch of the Act, which governs the chartering, termination, and dissolution of System bridge banks that enable FCSIC to handle the resolution of one or more distressed FCS institutions.

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IV. Direct Final Rule For the reasons discussed above, we are rescinding the above-referenced sections of part 627 subparts B
Receivers and Receiverships and C
Conservators and Conservatorships by direct final rulemaking. The Administrative Conference of the United States recommends direct final rulemakings for Federal agencies to enact noncontroversial regulations on an expedited basis, without the usual notice and comment period.5 This process enables us to reduce the time and resources we need to develop, review, and publish a final rule while still affording the public an adequate opportunity to comment or object to the rule.
In a direct final rulemaking, we notify the public that the rule will become effective on a specified date unless we receive a significant adverse comment during the comment period. A
significant adverse comment is one where the commenter explains why the rule would be inappropriate including challenges to its underlying premise or approach, ineffective, or unacceptable without a change. In general, a significant adverse comment would raise an issue serious enough to warrant a substantive response from the FCA in a notice-and-comment proceeding.
We believe that a direct final rulemaking is the appropriate method for rescinding above-referenced sections in subparts B and C of part 627 that are superseded by the 2018 Farm Bill. We do not anticipate there will be significant adverse comments because this direct final rule implements recent statutory amendments governing FCSICs numerous powers and duties as the conservator or receiver of System institutions. If, however, we receive a significant adverse comment during the comment period, we will publish in the Federal Register a notice of withdrawal of the relevant provisions of this rule that will also indicate how the agency plans to proceed. If we receive no significant adverse comments, we will publish notice of the effective date of the rule following the required 5 Recommendation 954, referencing the Administrative Procedure Act good cause exemption at 5 U.S.C. 553bB, adopted June 15, 1995.

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congressional waiting period under section 5.17c1 of the Act.
V. Regulatory Flexibility Act Analysis and Major Rule Conclusion Pursuant to section 605b of the Regulatory Flexibility Act 5 U.S.C. 601
et seq., FCA hereby certifies that the direct final rule would not have a significant economic impact on a substantial number of small entities.
Each of the banks in the Farm Credit System, considered together with its affiliated associations, has assets and annual income in excess of the amounts that would qualify them as small entities. Therefore, Farm Credit System institutions are not small entities as defined in the Regulatory Flexibility Act.
Under the provisions of the Congressional Review Act 5 U.S.C. 801
et seq., the Office of Management and Budgets Office of Information and Regulatory Affairs has determined that this direct final rule is not a major rule, as the term is defined at 5 U.S.C.
8042.
List of Subjects in 12 CFR Part 627
Agriculture, Banks, Banking, Claims, Rural areas.
For the reasons stated in the preamble, part 627 of chapter VI, title 12
of the Code of Federal Regulations are amended as follows:
PART 627 TITLE IV
CONSERVATORS, RECEIVERS, AND
VOLUNTARY LIQUIDATIONS
1. The authority citation for part 627
continues to read as follows:

Authority: Secs. 4.2, 5.9, 5.10, 5.17, 5.51, 5.58, 5.61 of the Farm Credit Act 12 U.S.C.
2183, 2243, 2244, 2252, 2277a, 2277a7, 2277a10.
627.2725, 627.2726, 627.2730, 627.2740, 627.2745, 627.2750, 627.2752, 627.2755, 627.2760, and 627.2780 Removed and Reserved
2. Sections 627.2725, 627.2726, 627.2730, 627.2740, 627.2745, 627.2750, 627.2752, 627.2755, 627.2760, and 627.2780 are removed and reserved.

Dated: March 17, 2021.
Dale Aultman, Secretary, Farm Credit Administration Board.
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SMALL BUSINESS ADMINISTRATION
13 CFR Parts 120 and 121
Docket Number SBA20210013
RIN 3245AH77

Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by American Rescue Plan Act U.S. Small Business Administration.
ACTION: Interim final rule.
AGENCY:

This interim final rule implements changes related to loans made under the Paycheck Protection Program PPP, which was originally established under the Coronavirus Aid, Relief, and Economic Security Act CARES Act to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 COVID19. On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act Economic Aid Act was enacted, extending the authority to make PPP loans through March 31, 2021, revising certain PPP requirements, and permitting second draw PPP loans.
On January 14, 2021, SBA published an interim final rule that incorporated the Economic Aid Act amendments to the PPP and consolidated the interim final rules and important guidance that had been issued governing borrower eligibility, lender eligibility, and PPP
application and origination requirements for PPP loans. On March 11, 2021, the American Rescue Plan Act of 2021 American Rescue Plan Act was enacted expanding eligibility for first and second draw PPP loans, revising the exclusions from payroll costs for purposes of loan forgiveness, and providing that a PPP borrower that receives a PPP loan after December 27, 2020 can be approved for a Shuttered Venue Operator Grant under certain conditions. This interim final rule revises the PPP rules to incorporate the American Rescue Plan Acts amendments to the PPP. Additionally, this interim final rule clarifies the eligibility for first draw PPP loans for applicants that are assigned a North American Industry Classification System NAICS code beginning with 72
and have more than one physical location and clarifies certain payroll cost exclusions included in the Economic Aid Act.
DATES:
Effective date: The provisions of this interim final rule are effective March 18, 2021.
SUMMARY:

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