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Federal Register / Vol. 86, No. 143 / Thursday, July 29, 2021 / Rules and Regulations TABLE 1504 LOAN ACTIVITY FY 2016FY 2020Continued FY 2016

Dollar Volume of 504 Debt Refi Without Expansion
Data as of 5/31/2021, total dollar volume is lifetime gross approval amount including increases.
This rule is necessary to implement the Economic Aid Act and provide economic relief to small businesses adversely impacted by COVID19. SBA
anticipates that the changes to the 504
debt refinancing programs will result in benefits to small businesses by providing greater flexibility to restructure debt.
Congressional Review Act OMBs Office of Information and Regulatory Affairs has determined that this rule is not a major rule under Subtitle E of the Small Business Regulatory Enforcement Fairness Act of 1996 also known as the Congressional Review Act, 5 U.S.C. 8042.
Executive Order 12988
This action meets applicable standards set forth in sections 3a and 3b2 of Executive Order 12988, Civil Justice Reform, to minimize litigation, eliminate ambiguity, and reduce burden. The action does not have preemptive effect or retroactive effect.
Executive Order 13132
This rule does not have Federalism implications as defined in Executive Order 13132. It 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 levels of government, as specified in the Executive order. As such it does not warrant the preparation of a Federalism Assessment.

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Paperwork Reduction Act In order to implement the Act, SBA
has determined that it is necessary to modify SBA Form 1244, Application for Section 504 Loans, which is currently approved under OMB Control Number 32450071, to conform the form to the revised requirements for debt refinancing loans. The changes do not add any new burdens for the respondents, rather, in some instances, the revisions will result in reduced burden as applicants and CDCs no longer have to submit certain information.

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$41,598,000

FY 2017
$289,491,000

FY 2018
$154,745,000

Summary of Rule Revisions a The information collection currently requires PCLP CDCs to process all applications for debt refinancing without expansion through the Sacramento Loan Processing Center SLPC and not through the PCLP CDCs delegated authority. As discussed above, this requirement was removed by the Economic Aid Act and, accordingly, SBA is removing it from the information collection. This revision does not change the information the PCLP CDC is required to collect, only how the application is processed. In addition, consistent with the changes made by this rulemaking, SBA is adding two questions to clarify that, for debt refinancing without expansion, PCLP
CDCs must process applications through the SLPC when the application involves the refinancing of same institution debt or, in cases involving the refinancing of Federally-guaranteed debt, the CDC is requesting an exception to the requirement that the new installment payment be at least 10% less than the existing installment amount.
b With respect to the question regarding whether the Applicant creates or retains the required number of jobs per debenture amount, an option has been added for the Applicant to indicate whether the project is eligible under the 504 debt refinance alternate job goal established by the Economic Aid Act.
c Of the exhibits that are required, Exhibit 20 currently requires that, if the debt was previously refinanced within two years of the date of application, non-PCLP CDCs must submit with the application and PCLP CDCs must retain in the loan file copies of the current debt and lien instruments as well as copies of the debt and lien instruments for the debt that was replaced by the current debt. With the minimum age of the qualified debt shortened from 2
years to 6 months by the Economic Aid Act, SBA is revising the form to remove the requirement that these debt and lien instruments be included as part of Exhibit 20.
In addition to the changes resulting from this rule, SBA is making the following technical corrections and clarifying changes to Form 1244: 1
SBA is adding two questions, consistent with the current regulations, to clarify when PCLP CDCs must submit applications for refinancing with
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FY 2019
$156,114,000

FY 2020
$374,749,000

expansion to the SLPC instead of approving the application under their delegated authority; 2 SBA is correcting the description of which exhibits are to be retained and which are to be submitted with the loan application; 3 SBA is adding a separate entry to facilitate disclosure of the use of refinancing proceeds involving land purchases only the current format of Land/Building does not clearly indicate how information is to be reported; and 4 under the list of economic development objectives met by the project, SBA is adding references to base closures and minority-owned business.
SBA has requested emergency approval from OMB for the revised information collection to implement the Economic Aid Act as expeditiously as possible.
Regulatory Flexibility Act The Regulatory Flexibility Act RFA
generally requires administrative agencies to consider the effect of their actions on small entities, including small non-profit businesses, and small local governments. Pursuant to the RFA, when an agency issues a rule, the agency must prepare an analysis that describes whether the impact of the rule will have a significant economic impact on a substantial number of these small entities. However, the RFA requires such analysis only where notice and comment rulemaking is required. As discussed above, SBA is publishing this rule as an interim final rule without advance notice and public comment because section 303 of the Economic Aid Act authorizes SBA to issue regulations to implement the amendments in the Act without regard to notice requirements. This rule is, therefore, exempt from the RFA
requirements.
List of Subjects in 13 CFR Part 120
Loan programs-business, Small businesses, Reporting and recordkeeping requirements.
For the reasons stated in the preamble, SBA amends 13 CFR part 120
as follows:
PART 120BUSINESS LOANS
1. The authority citation for 13 CFR
part 120 is revised to read as follows:

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