Under the Small Business Jobs Act of
2010 (the "Act"), the Department of the Treasury is responsible for
implementing several components of the Act. Among these components
is a program under title III of the Act which requires Treasury to
make payments to participating states. Participating states will
use the federal funds for programs that leverage private lending to
help finance small businesses and manufacturers that are
creditworthy, but are not getting the loans they need to expand and
create jobs. The collection of information is necessary to ensure
that the allocation agreement constitutes a legal binding
obligation of the participating state and to monitor participating
state compliance and performance. The recordkeeping requirements
ensure both the effective and efficient use of the funds consistent
with the agreement.
On September 27, 2010,
President Obama signed into law the Small Business Jobs Act of 2010
(the Act). The Act created the State Small Business Credit
Initiative (SSBCI) to be administered by the Department of the
Treasury (Treasury) which was funded with $1.5 billion to
strengthen state programs that support lending to small businesses,
and small manufacturers. The SSBCI is expected to help spur up to
$15 billion in lending to small businesses to help address the
current economic challenges facing small businesses many of which
are at imminent risk for failure. The SSBCI is currently a one-time
program created to address the acute need for small business access
to credit in the current economy. Applications from the states,
territories and the District of Columbia that have indicated their
intent to apply are due by June 27, 2011. Applications from
municipalities are due September 27, 2011. Treasury plans to
obligate the entire $1.5 billion in available funds (less an amount
reserved for administrative expenses) to states by or before the
end of calendar year 2011. To be effective, it is critical that the
revised SSBCI Application and the revised SSBCI allocation
agreement with the new collections of information contained therein
be made available immediately to applicant states, territories, and
municipalities. For the above states reasons, Treasury respectfully
requests emergency PRA clearance of the revised SSBCI Application
and revised SSBCI Allocation Agreement.
After further deliberation, it
was determined that the previously submitted requirements did not
enable Treasury to collect all information needed to monitor
compliance with all statutory requirements and analyze program
performance. In addition to this request to amend SSBCI's
information collections, Treasury is also submitting a request to
make conforming changes to the annual and quarterly reporting
requirements set forth in the SSBCI Allocation Agreement.
No
No
No
Yes
No
Uncollected
Daniel Ballard 202
674-1781
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Summary of Changes to SSBCI Application and SSBCI Allocation Agreement.docx
SSBCI Allocation Agreement Annual Reports