📊SBA Seeks Public Comments on 7(a) Loan Form Revisions
Data Collection Available for Public Comments
Summary
The Small Business Administration (SBA) intends to request approval from the Office of Management and Budget (OMB) for a revision to the collection of information in SBA Form 1919, "SBA 7(a) Borrower Information Form--For use with all 7(a) Programs", described below. The Paperwork Reduction Act (PRA) requires federal agencies to publish a notice in the Federal Register concerning each proposed collection of information before submission to OMB, and to allow 60 days for public comment in response to the notice. This notice complies with that requirement.
Agencies
- N/A
Business Impact
$$$ - High
The SBA is revising the SBA Form 1919, impacting financial requirements for 7(a) loans by updating information requirements on ownership and demographics, which could affect loan eligibility and approval processes for applicants. This has significant compliance implications for businesses seeking financial assistance.