SBA Seeks Comments on PPP Loan Data Collection

Leon LaBrecque, chief growth officer at Sequoia Financial Group in Troy, Michigan, told ThinkAdvisor the agency was likely playing “catch-up” on the notice-filing requirement.

Veena Murthy, a principal at Crowe LLP in Washington, told ThinkAdvisor in a Tuesday email message that while such requests are required under the Paperwork Reduction Act, “Maybe this [SBA request] is being done separately because they have had a haphazard method of publishing interim final rules. I will make a guess that this is good news in that it means they believe the forms and documents they describe are more or less finalized — given they have waited this long for this” request for comment.

SBA is requesting comments by Sept. 14 on whether:

• The collection of information is necessary for the agency to properly perform its functions;
• The burden estimates are accurate;
• There are ways to minimize the burden, including through the use of automated techniques or other forms of information technology; and
• There are ways to enhance the quality, utility and clarity of the information.

LaBrecque told ThinkAdvisor in a Tuesday morning email message that “It would seem intuitive to just forgive all small loans (e.g. under $350K).”

— Check out PPP Data Errors Abound, Raise Questions About Stimulus’ Impact on ThinkAdvisor.