Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by American Rescue Plan Act

Record facts

Summary

Pages from the Federal Register, Vol. 86, No. 53, March 22, 2021, carrying the U.S. Small Business Administration's interim final rule on temporary changes to the Paycheck Protection Program, 13 CFR Parts 120 and 121, Docket Number SBA-2021-0013. The rule revises the program to incorporate the American Rescue Plan Act of 2021, enacted March 11, 2021, which expanded eligibility for first and second draw loans and revised payroll cost exclusions for loan forgiveness. It also clarifies first draw eligibility for applicants with a North American Industry Classification System code beginning with 72 and more than one physical location. The rule is effective March 18, 2021 and sets a comment date of April 21, 2021. The pages also carry the end of a Farm Credit Administration direct final rule and the start of a Federal Aviation Administration airworthiness directive.

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15083 
Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations 
5 Recommendation 95–4, referencing the 
Administrative Procedure Act ‘‘good cause’’ 
exemption at 5 U.S.C. 553(b)(B), adopted June 15, 
1995. 
subsequent rulemaking. We may also 
engage in a rulemaking that implements 
section 5.61C(h) 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. 
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 
FCSIC’s 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 
congressional waiting period under 
section 5.17(c)(1) of the Act. 
V. Regulatory Flexibility Act Analysis 
and Major Rule Conclusion 
Pursuant to section 605(b) 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 
Budget’s 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. 
804(2). 
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, 2277a–7, 
2277a–10). 
§§ 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. 
[FR Doc. 2021–05860 Filed 3–19–21; 8:45 am] 
BILLING CODE 6705–01–P 
SMALL BUSINESS ADMINISTRATION 
13 CFR Parts 120 and 121 
[Docket Number SBA–2021–0013] 
RIN 3245–AH77 
Business Loan Program Temporary 
Changes; Paycheck Protection 
Program as Amended by American 
Rescue Plan Act 
AGENCY: U.S. Small Business 
Administration. 
ACTION: Interim final rule. 
SUMMARY: 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 (COVID–19). 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 Act’s 
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. 
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15084 
Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations 
1 86 FR 3692 (Jan. 14, 2021) (which we refer to 
as the ‘‘consolidated interim final rule 
implementing updates to the PPP’’); 86 FR 3712 
(Jan. 14, 2021) (which we refer to as the ‘‘interim 
final rule on second draw PPP loans’’). 
2 86 FR 8283 (Feb. 5, 2021) (which we refer to as 
the ‘‘consolidated interim final rule on loan 
forgiveness requirements and loan review 
procedures’’). 
3 86 FR 13149 (March 8, 2021). 
Applicability date: The provisions of 
this interim final rule incorporating the 
American Rescue Plan Act changes to 
the PPP apply to PPP loans approved, 
and loan forgiveness applications 
submitted, on or after March 11, 2021. 
Comment date: Comments must be 
received on or before April 21, 2021. 
ADDRESSES: You may submit comments, 
identified by number SBA–2021–0013 
through the Federal eRulemaking Portal: 
http://www.regulations.gov. Follow the 
instructions for submitting comments. 
SBA will post all comments on 
www.regulations.gov. If you wish to 
submit confidential business 
information (CBI) as defined in the User 
Notice at www.regulations.gov, please 
send an email to ppp-ifr@sba.gov. All 
other comments must be submitted 
through the Federal eRulemaking Portal 
described above. Highlight the 
information that you consider to be CBI 
and explain why you believe SBA 
should hold this information as 
confidential. SBA will review the 
information and make the final 
determination whether it will publish 
the information. 
FOR FURTHER INFORMATION CONTACT: A 
Call Center Representative at 833–572– 
0502, or the local SBA Field Office; the 
list of offices can be found at https://
www.sba.gov/tools/local-assistance/ 
districtoffices. 
SUPPLEMENTARY INFORMATION: 
I. Background Information 
On March 27, 2020, the Coronavirus 
Aid, Relief, and Economic Security Act 
(the CARES Act) (Pub. L. 116–136) was 
enacted to provide emergency assistance 
and health care response for 
individuals, families, and businesses 
affected by the coronavirus disease 2019 
(COVID–19) pandemic. Section 1102 of 
the CARES Act temporarily permitted 
the Small Business Administration 
(SBA) to guarantee 100 percent of 7(a) 
loans under a new program titled the 
‘‘Paycheck Protection Program,’’ 
pursuant to section 7(a)(36) of the Small 
Business Act (15 U.S.C. 636(a)(36)) 
(First Draw PPP Loans). Section 1106 of 
the CARES Act provided for forgiveness 
of up to the full principal amount of 
qualifying loans guaranteed under the 
Paycheck Protection Program (PPP). 
On December 27, 2020, the Economic 
Aid to Hard-Hit Small Businesses, 
Nonprofits and Venues Act (Economic 
Aid Act) (Pub. L. 116–260) was enacted. 
The Economic Aid Act reauthorized 
lending under the PPP through March 
31, 2021. The Economic Aid Act added 
a new temporary section 7(a)(37) to the 
Small Business Act, which authorizes 
SBA to guarantee additional PPP loans 
(Second Draw PPP Loans) to eligible 
borrowers under generally the same 
terms and conditions available under 
section 7(a)(36) of the Small Business 
Act through March 31, 2021. The 
Economic Aid Act also redesignated 
section 1106 of the CARES Act as 
section 7A of the Small Business Act, to 
appear after section 7 of the Small 
Business Act. 
SBA initially published an interim 
final rule implementing the PPP on 
April 15, 2020 and subsequently issued 
additional interim final rules. On 
January 14, 2021, SBA published 
interim final rules implementing the 
Economic Aid Act amendments to the 
PPP.1 On February 5, 2021, SBA 
published an additional interim final 
rule implementing Economic Aid Act 
changes related to the forgiveness and 
review of PPP loans.2 Following the 
publication of the interim final rules 
implementing the Economic Aid Act, 
SBA published another interim final 
rule revising certain loan amount 
calculation and eligibility provisions of 
those rules.3 As described below, this 
interim final rule further revises the 
consolidated interim final rule 
implementing updates to the PPP, the 
interim final rule on second draw PPP 
loans, and the consolidated interim final 
rule on loan forgiveness requirements 
and loan review procedures, by 
incorporating the expanded eligibility 
for First Draw and Second Draw PPP 
Loans and the exclusions from payroll 
costs that may be forgiven enacted in 
the American Rescue Plan Act (Pub. L. 
117–2); confirming that First Draw PPP 
Loan applicants that are assigned a 
NAICS code beginning with 72 and that 
employ no more than 500 employees 
per physical location are eligible; and 
clarifying certain forgiveness payroll 
cost exclusions in the Economic Aid 
Act. 
II. Comments and Immediate Effective 
Date 
This interim final rule is being issued 
without advance notice and public 
comment because section 1114 of the 
CARES Act and section 303 of the 
Economic Aid Act authorize SBA to 
issue regulations to implement the 
Paycheck Protection Program without 
regard to notice requirements. In 
addition, this rule is being issued to 
allow for immediate implementation of 
these changes. The intent of the CARES 
Act, the Economic Aid Act, and the 
American Rescue Plan Act is that SBA 
provide relief to America’s small 
businesses and nonprofit organizations 
expeditiously. Given the urgent need to 
provide borrowers with timely relief 
and the short period of time before the 
program ends on March 31, 2021, SBA 
has determined that it is impractical and 
not in the public interest to provide a 
30-day delayed effective date. An 
immediate effective date will allow SBA 
to give small businesses and nonprofit 
organizations affected by this interim 
final rule the maximum amount of time 
to apply for loans and lenders the 
maximum amount of time to process 
applications before the program ends. 
This good cause justification also 
supports waiver of the 60-day delayed 
effective date for major rules under the 
Congressional Review Act at 5 U.S.C. 
808(2). Although this interim final rule 
is effective immediately, comments are 
solicited from interested members of the 
public on all aspects of the interim final 
rule. 
These comments must be submitted 
on or before April 21, 2021. SBA will 
consider these comments and the need 
for making any revisions as a result of 
these comments. 
III. Paycheck Protection Program as 
Amended by the American Rescue Plan 
Act 
1. Eligibility, Size, Affiliation Waivers, 
and Certifications 
Part III.B.1. of the consolidated 
interim final rule implementing updates 
to the PPP identifies the businesses, 
organizations, and individuals that are 
eligible for First Draw PPP Loans, 
including the applicable size standards. 
Part III.B.3. of that rule sets forth the 
affiliation rules generally applicable to 
PPP loans, including the affiliation 
waivers available to certain businesses 
and organizations. The American 
Rescue Plan Act expands eligibility to 
additional businesses and organizations 
and revises size standards and adds 
affiliation waivers for certain eligible 
businesses and organizations. 
The American Rescue Plan Act also 
revises section 324 of the Economic Aid 
Act to provide that businesses that 
receive a PPP loan after December 27, 
2020 are no longer ineligible for a 
Shuttered Venue Operator (SVO) Grant 
under certain conditions. Specifically, if 
a PPP borrower receives a First Draw or 
Second Draw PPP Loan after December 
27, 2020, the amount of any 
subsequently-approved SVO grant will 
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15085 
Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations 
2 See interim final rule on Second Draw PPP 
Loans for eligibility criteria for Second Draw PPP 
Loans, which was published separately. 86 FR 3712 
(January 14, 2021). 
3 This subsection was originally published at 85 
FR 20811, subsection III.2.a. (April 15, 2020), as 
amended by 85 FR 36308 (June 16, 2020), 85 FR 
36717 (June 18, 2020), and 85 FR 38301 (June 26, 
2020), and has been modified to reflect subsequent 
rules or guidance, the Economic Aid Act, and the 
American Rescue Plan Act. 
4 See subsection B.3 of the consolidated interim 
final rule implementing updates to the PPP 
regarding the applicability of affiliation rules at 13 
CFR 121.103 and 121.301 to PPP loans. 
5 Under SBA’s alternative size standard, a 
business concern may qualify as a small business 
concern if it, together with any affiliates: (1) Has a 
maximum tangible net worth of not more than $15 
million; and (2) the average net income after 
Federal income taxes (excluding any carry-over 
losses) for the two full fiscal years before the date 
of application is not more than $5 million. 
6 See subsections B.1.g.vii. and B.1.g.viii for 
additional information on the eligibility of section 
501(c)(6) organizations, and destination marketing 
organizations. As amended by the American Rescue 
Plan Act, the applicable size standard for section 
501(c)(6) organizations and destination marketing 
organizations is not more than 300 employees per 
physical location. 
be reduced by the amount of the First 
Draw or Second Draw PPP Loan. (If a 
PPP borrower receives both a First Draw 
and a Second Draw PPP Loan after 
December 27, 2020, the amount of any 
subsequently-approved SVO grant will 
be reduced by the combined amount of 
both PPP loans.) However, because 
sections 7(a)(36)(U) and 
7(a)(37)(A)(iv)(III)(ee) of the Small 
Business Act were not amended by the 
American Rescue Plan Act, if a PPP 
applicant is approved for an SVO grant 
before SBA issues a loan number for the 
PPP loan, the applicant is ineligible for 
the PPP loan and acceptance of any PPP 
loan proceeds will be considered an 
unauthorized use. 
In addition, SBA is making a 
clarifying change to the list of eligible 
entities for First Draw PPP Loans by 
adding businesses with a NAICS code 
beginning with 72 that employ no more 
than 500 employees per physical 
location. These entities are included in 
section 7(a)(36)(D)(iii) of the Small 
Business Act (15 U.S.C. 
636(a)(36)(D)(iii)), as amended by the 
CARES Act, and are addressed in 
section B.3. of the consolidated interim 
final rule implementing updates to the 
PPP. Because the omission of these 
entities from the list of eligible entities 
could cause borrower confusion, SBA is 
revising subsection B.1.a. to add these 
entities. 
Therefore, Part III.B.1.a. (86 FR 3692, 
3695) of the consolidated interim final 
rule implementing updates to the PPP is 
revised to read as follows: 
1. What businesses, organizations, and 
individuals are eligible? 
a. Am I eligible? 2 3 
You are eligible for a PPP loan if: 
i. You, together with any affiliates (if 
applicable),4 are: 
• A small business concern under the 
applicable revenue-based size standard 
established by SBA in 13 CFR 121.201 for 
your industry or under the SBA alternative 
size standard; 5 
• an independent contractor, eligible self- 
employed individual, or sole proprietor; 
• a business concern, a tax-exempt 
nonprofit organization described in section 
501(c)(3) of the Internal Revenue Code (IRC), 
a tax-exempt veterans organization described 
in section 501(c)(19) of the IRC, a Tribal 
business concern described in section 
31(b)(2)(C) of the Small Business Act, and 
you employ no more than the greater of 500 
employees or, if applicable, the size standard 
in number of employees established by SBA 
in 13 CFR 121.201; 
• a housing cooperative that employs no 
more than 300 employees and meets the 
criteria described in subsection B.1.g.v. of the 
consolidated interim final rule implementing 
updates to the PPP, as amended by this 
interim final rule; 
• a business concern that is assigned a 
North American Industry Classification 
System (NAICS) code beginning with 72 that 
employs no more than 500 employees per 
physical location; 
• an eligible section 501(c)(6) organization 
or an eligible destination marketing 
organization,6 that employs no more than 300 
employees per physical location; 
• a news organization that is majority 
owned or controlled by a NAICS code 511110 
or 5151 business or a nonprofit public 
broadcasting entity with a trade or business 
under NAICS 511110 or 5151, that employs 
no more than 500 employees (or, if 
applicable, the size standard in number of 
employees established by SBA in 13 CFR 
121.201 for your industry) per location; 
• a tax-exempt non-profit organization 
described in section 501(c)(3) of the Internal 
Revenue Code that employs not more than 
500 employees per physical location of the 
organization; 
• a tax-exempt nonprofit organization 
described in any paragraph of section 501(c) 
of the Internal Revenue Code of 1986, other 
than paragraph (3), (4), (6), or (19) that 
employs not more than 300 employees per 
physical location and meets the criteria 
described in subsection B.1.g.iii. of the 
consolidated interim final rule implementing 
updates to the PPP, as amended by this 
interim final rule; 
• a business concern or other organization 
that is assigned a NAICS code of 519130, 
certifies in good faith as an internet-only 
news publisher or internet-only periodical 
publisher, and is engaged in the collection 
and distribution of local or regional and 
national news and information, that employs 
not more than 500 employees (or the size 
standard in number of employees established 
by SBA in 13 CFR 121.201 for NAICS code 
519130) per physical location, and meets the 
criteria described in subsection B.1.g.iv. of 
the consolidated interim final rule 
implementing updates to the PPP, as 
amended by this interim final rule; or 
• another type of entity specifically 
provided for by PPP rules (as described 
below); and 
ii. you were in operation on February 15, 
2020, and either had employees for whom 
you paid salaries and payroll taxes or paid 
independent contractors, as reported on a 
Form 1099–MISC or you were an eligible 
self-employed individual, independent 
contractor, or sole proprietorship with no 
employees. 
You must submit documentation sufficient 
to establish eligibility and to demonstrate the 
qualifying payroll amount, which may 
include, as applicable, payroll records, 
payroll tax filings, Form 1099–MISC, 
Schedule C or F, income and expenses from 
a sole proprietorship, or bank records. 
* 
* 
* 
* 
* 
The American Rescue Plan Act 
expands eligibility for PPP loans to tax- 
exempt organizations described in any 
paragraph of section 501(c) of the 
Internal Revenue Code of 1986, except 
for section 501(c)(4). Thus, subsections 
III.B.1.g.iii. and iv. of the consolidated 
interim final rule implementing updates 
to the PPP, which describe the 
eligibility of electric cooperatives and 
telephone cooperatives that are exempt 
from Federal income taxation under 
section 501(c)(12) of the Internal 
Revenue Code, are no longer necessary. 
For PPP loans made after the effective 
date of this interim final rule, such 
organizations will be eligible as set forth 
in a new subsection for tax-exempt 
organizations under any paragraph of 
section 501(c) of the Internal Revenue 
Code (other than paragraph (3), (4), (6), 
or (19)) discussed immediately below. 
With the new statutory change, the size 
eligibility requirements for electric and 
telephone cooperatives have changed as 
well. Previously, these entities were 
eligible if they had no more than 500 
employees, met the employee-based 
SBA size standard for their industry (if 
higher), or met SBA’s alternative size 
standard. For PPP loans made after the 
effective date of this interim final rule, 
these entities are eligible if they have no 
more than 300 employees per physical 
location, and these entities are no longer 
permitted to use the employee-based 
SBA size standard for their industry or 
SBA’s alternative size standard to 
determine size. 
Therefore, Part III.B.1.g. of the 
consolidated interim final rule 
implementing updates to the PPP (86 FR 
3692, 3696–3697) is revised by 
replacing subsections B.1.g.iii. and iv. of 
the industry-specific eligibility issues 
with two new subsections to read as 
follows: 
g. Industry-Specific Eligibility Issues 
* 
* 
* 
* 
* 
iii. Are tax-exempt nonprofit organizations 
described in any paragraph of section 501(c) 
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15086 
Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations 
17 This subsection was originally published at 85 
FR 29847, subsection III.1. (May 19, 2020) and has 
been revised to conform to the American Rescue 
Plan Act. Section 7(a)(36)(D)(ix) of the Small 
Business Act (15 U.S.C. 636(a)(36)(D)(ix)) as 
amended by the American Rescue Plan Act adds 
‘‘additional covered nonprofit entities’’ to the 
eligible entities for First Draw PPP Loans. The term 
‘‘additional covered nonprofit entities’’ is defined 
in section 7(a)(36)(A)(xvii) as ‘‘an organization 
described in any paragraph of section 501(c) of the 
Internal Revenue Code of 1986, other than 
paragraph (3), (4), (6), or (19), and exempt from tax 
under section 501(a) of such Code; and does not 
include any entity that, if the entity were a business 
concern, would be described in section 120.110 of 
title 13, Code of Federal Regulations (or in any 
successor regulation or other related guidance that 
may be issued by the Administrator) other than a 
business concern described in paragraph (a) or (k) 
of such section.’’ 
18 For such entities with more than one physical 
location, section 7(a)(36)(D)(iii)(III) of the Small 
Business Act (15 U.S.C. 636(a)(36)(D)(iii)(III)), as 
amended by section 5001 of the American Rescue 
Plan Act, provides that such entities with more than 
one physical location are eligible if they employ not 
more than 300 employees per physical location. 
19 This subsection was originally published at 85 
FR 35550, subsection III.1. (June 11, 2020) and has 
been revised to conform with the American Rescue 
Plan Act. 
20 See section 7(a)(36)(D)(iii)(IV) of the Small 
Business Act as amended by the American Rescue 
Plan Act. 
28 This subsection was originally published at 85 
FR 20811, subsection III.2.a. (April 15, 2020), and 
amended by 85 FR 36308 (June 16, 2020), 85 FR 
36717 (June 18, 2020), 85 FR 38301 (June 26, 2020), 
and 86 FR 13149 (March 8, 2021), and has been 
modified to conform to subsequent interim final 
rules or guidance, the Economic Aid Act, the 
American Rescue Plan Act and for readability. 
30 This subsection has been revised to conform to 
section 5005 of the American Rescue Plan Act. 
32 Added to conform to section 342 of the 
Economic Aid Act, which also added the following 
definitions to paragraph 7(a)(36)(A) of the Small 
Business Act (15 U.S.C. 636(a)(36)(A)): ‘‘(xvi) the 
terms ‘exchange’, ‘issuer’, and ‘security’ have the 
meanings given those terms in section 3(a) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)).’’ 
This provision applies to loans made on or after 
December 27, 2020. 
33 See section 317 of the Economic Aid Act, as 
amended by section 5001 of the American Rescue 
Plan Act. 
of the Internal Revenue Code of 1986, other 
than paragraph (3), (4), (6), or (19), eligible 
for PPP loans? 17 
Yes. An organization described in any 
paragraph of section 501(c) of the Internal 
Revenue Code of 1986, other than paragraph 
(3), (4), (6), or (19) and exempt from tax 
under section 501(a) of such Code, is eligible 
for a PPP loan if: (1) The organization does 
not receive more than 15 percent of its 
receipts from lobbying activities; (2) the 
lobbying activities of the organization do not 
comprise more than 15 percent of the total 
activities of the organization; (3) the cost of 
the lobbying activities of the organization did 
not exceed $1,000,000 during the most recent 
tax year of the organization that ended prior 
to February 15, 2020; and (4) the organization 
employs not more than 300 employees.18 
However, this does not include any 
organization that, if the organization were a 
business concern, would be described in 13 
CFR 120.110 (or any successor regulation or 
other related guidance or rule that may be 
issued by SBA) other than a business concern 
described in paragraph (a) or (k) of such 
section. Tax-exempt organizations described 
in section 501(c)(3), 501(c)(6) and 501(c)(19) 
of the Internal Revenue Code of 1986 have 
separate eligibility requirements described 
elsewhere in this rule. Tax-exempt 
organizations described in section 501(c)(4) 
of the Internal Revenue Code of 1986 are 
ineligible for a PPP loan. 
iv. Are internet publishing organizations 
eligible for PPP loans? 19 
Yes. A business concern or other 
organization that was not eligible to receive 
a PPP loan before March 11, 2021, is eligible 
for a PPP loan if it: (1) Is assigned a NAICS 
code of 519130; (2) certifies in good faith that 
it is an internet-only news publisher or 
internet-only periodical publisher; (3) is 
engaged in the collection and distribution of 
local or regional and national news and 
information; (4) employs not more than 500 
employees (or the size standard in number of 
employees established by SBA in 13 CFR 
121.201 for NAICS code 519130) per physical 
location; and (5) certifies in good faith that 
proceeds of the loan will be used to support 
expenses at the component of the business 
concern or organization that supports local or 
regional news.20 
* 
* 
* 
* 
* 
To implement the American Rescue 
Plan Act provision that allows 
businesses to receive both a Shuttered 
Venue Operator (SVO) Grant and a PPP 
loan under certain conditions, Part 
III.B.2.a.vi. of the consolidated interim 
final rule implementing updates to the 
PPP (86 FR 3692, 3698) is revised to 
read as follows: 
2. What businesses, organizations, and 
individuals are ineligible? 
a. Could I be ineligible even if I meet the 
eligibility requirements in section 1? 28 
You are ineligible for a PPP loan if, for 
example: 
* 
* 
* 
* 
* 
vi. You or your business have been 
approved for a grant under the Shuttered 
Venue Operator (SVO) Grant Program under 
section 324 of the Economic Aid Act. (If you 
receive a PPP loan after December 27, 2020 
and you are subsequently approved for an 
SVO grant, the amount of the SVO grant 
received will be reduced by the amount of a 
First Draw or Second Draw PPP Loan. If you 
receive both a First Draw and Second Draw 
PPP Loan after December 27, 2020 and you 
are subsequently approved for an SVO grant, 
the SVO grant will be reduced by the 
combined amounts of both PPP loans. A PPP 
loan received before December 27, 2020 will 
not reduce the amount of the SVO grant.) 30 
As noted above, the American Rescue 
Plan Act added affiliation waivers for 
certain eligible organizations with 
respect to PPP loans. To implement the 
additional affiliation waiver applicable 
to eligible internet publishing 
organizations, the parenthetical at the 
end of Part III.B.2.a.viii. of the 
consolidated interim final rule 
implementing updates to the PPP (86 FR 
3692, 3698) is revised to include a 
reference to B.1.g.iv, which describes 
the conditions under which such 
internet publishing companies are 
eligible. Therefore, Part III.B.2.a.viii of 
the consolidated interim final rule 
implementing updates to the PPP, as 
amended by this interim final rule, is 
revised to read as follows: 
* 
* 
* 
* 
* 
viii. Your business is an issuer, the 
securities of which are listed on an exchange 
registered as a national securities exchange 
under section 6 of the Securities Exchange 
Act of 1934 (15 U.S.C. 78f) 32 (SBA will not 
consider whether a news organization that is 
eligible under the conditions described in 
subsection 1.f. and 1.g.vi. or an internet 
publishing organization that is eligible under 
the conditions described in subsection 1.g.iv. 
is affiliated with an entity, which includes 
any entity that owns or controls such news 
organization or internet publishing 
organization, that is an issuer 33); 
* 
* 
* 
* 
* 
Also, Part III.B.12.vi. of the 
consolidated interim final rule 
implementing updates to the PPP (86 FR 
3692, 3706) is revised to read as follows: 
12. What certifications need to be made? 
On the PPP borrower application, an 
authorized representative of the applicant 
must certify in good faith to all of the below: 
* 
* 
* 
* 
* 
vi. The Applicant has not been approved 
for a Shuttered Venue Operator (SVO) grant 
from SBA as of the date of this loan 
application, and the Applicant acknowledges 
that if the Applicant is approved for an SVO 
grant before SBA issues a loan number for 
this loan, the Applicant is ineligible for the 
loan and acceptance of any loan proceeds 
will be considered an unauthorized use. 
Part III.B.3. of the consolidated 
interim final rule implementing updates 
to the PPP describes the affiliation rules 
generally applicable to PPP loans (86 FR 
3692, 3698–3699). The American 
Rescue Plan Act adds affiliation waivers 
for certain businesses and organizations. 
Therefore, footnote 40 in part III.B.3.a. 
is revised to read as follows: 
Paragraph 7(a)(36)(D)(iv) of the Small 
Business Act (15 U.S.C. 636(a)(36)(D)(iv)), as 
added by the CARES Act and amended by 
the Economic Aid Act and the American 
Rescue Plan Act, waives the affiliation rules 
contained in § 121.103 for (1) any business 
concern with not more than 500 employees 
that, as of the date on which the loan is 
disbursed, is assigned a North American 
Industry Classification System code 
beginning with 72; (2) any business concern 
operating as a franchise that is assigned a 
franchise identifier code by the 
Administration; (3) any business concern that 
receives financial assistance from a company 
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15087 
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33 All terms in this subsection have the same 
definitions as in sections 7(a)(36) and (37) of the 
Small Business Act and the Consolidated First 
Draw PPP IFR, as applicable. 
licensed under section 301 of the Small 
Business Investment Act of 1958 (15 U.S.C. 
681); (4)(a) any business concern (including 
any station which broadcasts pursuant to a 
license granted by the Federal 
Communications Commission under title III 
of the Communications Act of 1934 (47 
U.S.C. 301 et seq.) without regard for whether 
such a station is a concern as defined in 
§ 121.105 of title 13, Code of Federal 
Regulations, or any successor thereto) that 
employs not more than 500 employees, or the 
size standard established by the 
Administrator for the North American 
Industry Classification System code 
applicable to the business concern, per 
physical location of such business concern 
and is majority owned or controlled by a 
business concern that is assigned a North 
American Industry Classification System 
code beginning with 511110 or 5151; or (b) 
any nonprofit organization that is assigned a 
North American Industry Classification 
System code beginning with 5151; and (5) 
any business concern or organization that is 
assigned a NAICS code of 519130, certifies in 
good faith as an internet-only news publisher 
or internet-only periodical publisher, and is 
engaged in the collection and distribution of 
local or regional and national news and 
information, if the business concern or 
organization employs not more than 500 
employees (or the size standard in number of 
employees established by SBA in 13 CFR 
121.201 for NAICS code 519130) per physical 
location, and is majority owned or controlled 
by a business concern or organization that is 
assigned NAICS 519130. This interim final 
rule has no effect on these statutory waivers, 
which remain in full force and effect. As a 
result, the affiliation rules contained in 
§ 121.301 also do not apply to these types of 
entities. In addition, paragraph 7(a)(36)(D) of 
the Small Business Act (15 U.S.C. 
636(a)(36)(D)), as amended by section 342 of 
the Economic Aid Act and section 5001 of 
the American Rescue Plan Act states that, 
with respect to a business concern made 
eligible under paragraph 7(a)(36)(D)(iii)(II) or 
(IV) or 7(a)(36)(D)(iv)(IV) or (V) (certain news 
organizations and internet publishing 
organizations), the Administrator shall not 
consider whether any affiliated entity, which 
for purposes of this subclause shall include 
any entity that owns or controls such 
business concern or organization, is an issuer 
as defined in subsection III.B.2.a.viii. 
Part IV.(c) of the interim final rule on 
second draw PPP loans sets forth who 
is eligible for a Second Draw PPP Loan. 
The American Rescue Plan Act 
amended the eligibility criteria for a 
Second Draw PPP Loan similarly to the 
amendments discussed above for First 
Draw PPP Loans. Therefore, part 
IV.(c)(1) of the interim final rule on 
second draw PPP loans (86 FR 3712, 
3717) is revised to read as follows: 
(c) Who is eligible for a Second Draw PPP 
Loan? 
Subject to subsection (e) of this section, 
below, the following applicants are eligible 
for Second Draw PPP Loans: 
(1) An applicant is eligible for a Second 
Draw PPP Loan if it is a business concern, 
independent contractor, eligible self- 
employed individual, sole proprietor, 
nonprofit organization eligible for a First 
Draw PPP Loan, veterans organization, Tribal 
business concern, housing cooperative, small 
agricultural cooperative, eligible 501(c)(6) 
organization or destination marketing 
organization, an eligible nonprofit news 
organization, additional covered nonprofit 
entity, or eligible internet publishing 
company 33 that: 
(i) Previously received a First Draw PPP 
loan in accordance with the eligibility 
criteria in the Consolidated First Draw PPP 
IFR (as amended); 
(ii) has used, or will use, the full amount 
of its First Draw PPP Loan (including the 
amount of any increase on such First Draw 
PPP Loan) on authorized uses under 
subsection B.11. of the Consolidated First 
Draw PPP IFR on or before the expected date 
on which the Second Draw PPP Loan will be 
disbursed; 
(iii) employs not more than 300 employees, 
unless it satisfies the alternative criteria for 
businesses with a North American Industry 
Classification System (‘‘NAICS’’) code 
beginning with 72, eligible news 
organizations, (501)(c)(3) nonprofit 
organizations, additional covered nonprofit 
entities, 501(c)(6) organizations, eligible 
destination marketing organizations, and 
eligible internet publishing organizations 
with more than one physical location 
described in subsection (c)(3), (c)(4), (c)(5), or 
(c)(6) of this section; and 
(iv) (A) experienced a reduction in revenue 
in calendar year 2020, measured as follows: 
* 
* 
* 
* 
* 
Part IV.(c) of the interim final rule on 
second draw PPP loans (86 FR 3712, 
3718) also is revised by adding two new 
subsections at the end to read as 
follows: 
(5) An entity is eligible for a Second Draw 
PPP Loan if it is a 501(c)(3) nonprofit 
organization, an additional covered nonprofit 
entity, an eligible 501(c)(6) organization, or 
an eligible destination marketing 
organization and it employs not more than 
300 employees per physical location of the 
entity or organization. 
(6) A business concern or other 
organization that was not eligible to receive 
a covered loan before March 11, 2021, is 
eligible to receive a Second Draw PPP Loan 
for the continued provision of news, 
information, content, or emergency 
information if it is assigned a NAICS code of 
519130, certifies in good faith as an internet- 
only news publisher or internet-only 
periodical publisher, and is engaged in the 
collection and distribution of local or 
regional and national news and information, 
and: 
(i) The business concern or organization 
employs not more than 300 employees per 
physical location of the business concern or 
organization; and 
(ii) the business concern or organization 
makes a good faith certification that proceeds 
of the loan will be used to support expenses 
at the component of the business concern or 
organization that supports local or regional 
news. 
Part IV.(d) of the interim final rule on 
second draw PPP loans states that 
eligibility for Second Draw PPP Loans is 
governed by the same affiliation rules 
(and waivers) as First Draw PPP Loans, 
except as described in subsection (d)(2). 
The American Rescue Plan Act revised 
the affiliation waivers for First Draw 
and Second Draw PPP Loans. Although 
the American Rescue Plan Act did not 
amend section 7(a)(37)(E)(ii) of the 
Small Business Act (15 U.S.C. 
636(a)(37)(E)(ii)) to substitute ‘‘not more 
than 300 employees’’ for ‘‘not more than 
500 employees’’ in subclause (V) of 
section 7(a)(36)(D)(iv) of the Small 
Business Act (15 U.S.C. 
636(a)(36)(D)(iv)), as section 
7(a)(37)(E)(ii) does for eligible news 
organizations, SBA is doing so here to 
harmonize the affiliation waiver for 
internet publishing organizations with 
the 300 employees per location size 
standard for Second Draw PPP Loans to 
internet publishing organizations. 
Therefore, Part IV.(d)(2) of the interim 
final rule on second draw PPP loans (86 
FR 3712, 3718) is revised by adding a 
new subsection (iii) to read as follows: 
(d) How do SBA’s affiliation rules affect an 
applicant’s eligibility for a Second Draw PPP 
Loan? 
* 
* 
* 
* 
* 
(iii) Any business concern or other 
organization that was not eligible to receive 
a covered loan before March 11, 2021, is 
assigned a NAICS code of 519130, certifies in 
good faith as an internet-only news publisher 
or internet-only periodical publisher, and is 
engaged in the collection and distribution of 
local or regional and national news and 
information, if the business concern or 
organization: 
(A) Employs not more than 300 employees, 
per physical location of the business concern 
or organization; and 
(B) is majority owned or controlled by a 
busines concern or organization that is 
assigned a NAICS code of 519130. 
In order to implement the American 
Rescue Plan Act provision that allows 
businesses to receive both a Shuttered 
Venue Operator (SVO) Grant and a PPP 
loan, part IV.(e)(5) of the interim final 
rule on second draw PPP loans (86 FR 
3712, 3719) is revised to read as follows: 
(e) Who is not eligible for a Second Draw 
PPP Loan? 
An applicant is not eligible for a Second 
Draw PPP Loan, even if it meets the 
eligibility requirements of subsection (c) of 
this section, if the applicant is: 
* 
* 
* 
* 
* 
(5) any person or entity that has been 
approved for a grant under the Shuttered 
Venue Operator (SVO) Grant Program under 
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15088 
Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations 
section 324 of the Economic Aid Act. (If you 
receive a PPP loan after December 27, 2020 
and you are subsequently approved for an 
SVO grant, the amount of the SVO grant 
received will be reduced by the amount of a 
First Draw or Second Draw PPP Loan. If you 
receive both a First Draw and Second Draw 
PPP Loan after December 27, 2020 and you 
are subsequently approved for an SVO grant, 
the SVO grant will be reduced by the 
combined amounts of both PPP loans. A PPP 
loan received prior to December 27, 2020 will 
not reduce the amount of the SVO grant.) 
As noted above, the American Rescue 
Plan Act added affiliation waivers for 
certain eligible organizations with 
respect to PPP loans. To implement the 
additional affiliation waiver applicable 
to eligible internet publishing 
organizations, the parenthetical at the 
end of Part IV.(e)(7) of the interim final 
rule on second draw loans (86 FR 3712, 
3719) is revised to include a reference 
to Part IV.(c)(6), which describes the 
conditions under which such internet 
publishing companies are eligible. 
Therefore, Part IV.(e)(7) of the interim 
final rule on second draw loans, as 
amended by this interim final rule, is 
revised to read as follows: 
* 
* 
* 
* 
* 
(7) Any issuer, the securities of which are 
listed on an exchange registered as a national 
securities exchange under section 6 of the 
Securities Exchange Act of 1934 (15 U.S.C. 
78f), where the terms ‘‘exchange,’’ ‘‘issuer,’’ 
and ‘‘security’’ have the meanings given 
those terms in section 3(a) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)) 
(except that SBA will not consider whether 
a news organization that is eligible under 
subsection (c)(4) or an internet publishing 
organization that is eligible under subsection 
(c)(6) is affiliated with an entity, which 
includes any entity that owns or controls 
such news organization or internet 
publishing organization, that is an issuer); 
* 
* 
* 
* 
* 
2. Forgiveness of First Draw and Second 
Draw PPP Loans 
Part III.B.14 of the consolidated 
interim final rule implementing updates 
to the PPP provides general information 
to borrowers on loan forgiveness. The 
consolidated interim final rule 
implementing updates to the PPP 
requires a revision to clarify certain 
forgiveness payroll cost exclusions 
included in the Economic Aid Act and 
to incorporate section 3134 of the 
Internal Revenue Code of 1986 (Internal 
Revenue Code) as added by section 9651 
of the American Rescue Plan Act. 
Additionally, section 5001(c) of the 
American Rescue Plan Act revised the 
forgiveness payroll cost exclusions to 
include premiums taken into account in 
determining the credit allowed under 
section 6432 of the Internal Revenue 
Code. Therefore, the fourth full sentence 
in part III.B.14 of the consolidated 
interim final rule implementing updates 
to the PPP (86 FR 3692, 3706) reading 
‘‘[p]ayroll costs that are qualified wages 
taken into account in determining the 
Employer Retention Credit are not 
eligible for loan forgiveness,’’ is revised 
to read ‘‘The following payroll costs are 
not eligible for loan forgiveness: (a) 
Qualified wages taken into account in 
determining (i) the Employee Retention 
Credit under section 2301 of the CARES 
Act, as amended by section 206 of the 
Taxpayer Certainty and Disaster Tax 
Relief Act of 2020 (Relief Act), (ii) the 
Employee Retention Credit under 
section 3134 of the Internal Revenue 
Code, or (iii) the disaster credit under 
section 303 of the Relief Act, and (b) 
premiums for COBRA continuation 
coverage taken into account in 
determining the credit under section 
6432 of the Internal Revenue Code.’’ 
Part IV.1 of the consolidated interim 
final rule on loan forgiveness 
requirements and loan review 
procedures sets forth general 
information about loan forgiveness for 
First Draw and Second Draw PPP Loans. 
The consolidated interim final rule on 
loan forgiveness requirements and loan 
review procedures requires revisions to 
clarify certain forgiveness payroll cost 
exclusions under the Economic Aid Act 
and revisions to incorporate the 
forgiveness payroll cost exclusions 
required by the American Rescue Plan 
Act. Part IV.1.a.(1) describes the payroll 
costs that are eligible for loan 
forgiveness and identifies those costs 
that are to be excluded. The second full 
sentence of part IV.1.a.(1), Payroll Costs 
(86 FR 8283, 8286), reading ‘‘[p]ayroll 
costs that are qualified wages taken into 
account in determining the Employer 
Retention Credit are not eligible for loan 
forgiveness,’’ is revised to read ‘‘The 
following payroll costs are not eligible 
for loan forgiveness: (a) Qualified wages 
taken into account in determining (i) the 
Employee Retention Credit under 
section 2301 of the CARES Act, as 
amended by section 206 of the Taxpayer 
Certainty and Disaster Tax Relief Act of 
2020 (Relief Act) (CARES Act Employee 
Retention Credit), (ii) the Employee 
Retention Credit under section 3134 of 
the Internal Revenue Code of 1986 (ARP 
Employee Retention Credit), or (iii) the 
disaster credit under section 303 of the 
Relief Act (Disaster Credit), and (b) 
premiums for COBRA continuation 
coverage taken into account in 
determining the credit under section 
6432 of the Internal Revenue Code of 
1986 (COBRA Continuation Coverage).’’ 
Part IV.1.b. of the consolidated 
interim final rule on loan forgiveness 
requirements and loan review 
procedures describes the amount 
eligible for loan forgiveness for 
individuals with self-employment 
income who file an IRS Form 1040, 
Schedule C or F. The last clause of part 
IV.1.b.i (86 FR 8283, 8287) is revised to 
read ‘‘but excluding any qualified wages 
taken into account in determining the 
CARES Act Employee Retention Credit, 
ARP Employee Retention Credit, or the 
Disaster Credit or premiums for COBRA 
Continuation Coverage.’’ 
3. Additional Information 
SBA may provide further guidance, if 
needed, through SBA notices that will 
be posted on SBA’s website at 
www.sba.gov. Questions on the 
Paycheck Protection Program may be 
directed to the Lender Relations 
Specialist in the local SBA Field Office. 
The local SBA Field Office may be 
found at https://www.sba.gov/tools/ 
local-assistance/districtoffices. 
Compliance with Executive Orders 
12866, 12988, 13132 and 13563 the 
Congressional Review Act, the 
Administrative Procedure Act, the 
Paperwork Reduction Act (44 U.S.C. Ch. 
35), and the Regulatory Flexibility Act (5 
U.S.C. 601–612). 
Executive Orders 12866 and 13563 
This interim final rule is 
economically significant for the 
purposes of Executive Orders 12866 and 
13563. SBA, however, is proceeding 
under the emergency provision at 
Executive Order 12866 section 6(a)(3)(D) 
based on the need to move 
expeditiously to mitigate the current 
economic conditions arising from the 
COVID–19 emergency. 
This rule is necessary to provide 
economic relief to small businesses and 
nonprofit organizations nationwide 
adversely impacted under the COVID– 
19 Emergency Declaration. We 
anticipate that this rule will result in 
substantial benefits to small businesses, 
nonprofit organizations, their 
employees, and the communities they 
serve. However, we lack data to estimate 
the effects of this rule. 
The Administrator of the Office of 
Management and Budget’s Office of 
Information and Regulatory Affairs 
(OIRA) has determined that this is a 
major rule for purposes of Subtitle E of 
the Small Business Regulatory 
Enforcement and Fairness Act of 1996 
(also known as the Congressional 
Review Act or CRA) (5 U.S.C. 804(2) et 
seq.). Under the CRA, a major rule takes 
effect 60 days after the rule is published 
in the Federal Register. 5 U.S.C. 
801(a)(3). 
Notwithstanding this requirement, the 
CRA allows agencies to dispense with 
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15089 
Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations 
the requirements of section 801 when 
the agency for good cause finds that 
such procedure would be impracticable, 
unnecessary, or contrary to the public 
interest and the rule shall take effect at 
such time as the agency promulgating 
the rule determines. 5 U.S.C. 808(2). 
Pursuant to section 808(2), SBA for good 
cause finds that a 60-day delay to 
provide public notice is impracticable 
and contrary to the public interest. 
Likewise, for the same reasons, SBA for 
good cause finds that there are grounds 
to waive the 30-day effective date delay 
under the Administrative Procedure 
Act. 5 U.S.C. 553(d)(3). 
The last day to apply for and receive 
a PPP loan is March 31, 2021. Given the 
short duration of this program, and the 
urgent need to issue loans quickly, SBA 
has determined that it is impractical and 
not in the public interest to provide a 
delayed effective date. An immediate 
effective date will give small businesses 
and nonprofit organizations affected by 
this interim final rule the maximum 
amount of time to apply for loans and 
lenders the maximum amount of time to 
process applications before the program 
ends. 
Executive Order 12988 
SBA has drafted this rule, to the 
extent practicable, in accordance with 
the standards set forth in section 3(a) 
and 3(b)(2) of Executive Order 12988, to 
minimize litigation, eliminate 
ambiguity, and reduce burden. The rule 
has no preemptive or retroactive effect. 
Executive Order 13132 
SBA has determined that this rule 
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 layers of government. Therefore, 
SBA has determined that this rule has 
no federalism implications warranting 
preparation of a federalism assessment. 
Paperwork Reduction Act, 44 U.S.C. 
Chapter 35 
SBA has determined that this rule 
will require revisions to existing 
recordkeeping or reporting requirements 
of the Paycheck Protection Program 
(PPP) information collections (OMB 
Control Numbers 3245–0407 and 3245– 
0417. The revisions will affect SBA 
Form 2483, Borrower Application Form 
Revised March 3, 2021, SBA Form 
2483–C, Borrower Application Form for 
Schedule C Filers Using Gross Income 
March 3, 2021, SBA Form 2483–SD, 
Second Draw Borrower Application 
Form Revised March 3, 2021, SBA Form 
2483–SD–C, Second Draw Borrower 
Application Form for Schedule C Filers 
Using Gross Income March 3, 2021, SBA 
Form 2484, Lender’s Application— 
Paycheck Protection Program Loan 
Guaranty Revised March 3, 2021, SBA 
Form 2484–SD, Lender’s Application— 
Second Draw Loan Guaranty Revised 
March 3, 2021,. SBA Forms 2483, 2483– 
C, 2483–SD, and 2483–SD–C were 
amended to include the additional 
eligible entities (where applicable) and 
revise the Shuttered Venue Operator 
Grant Program certification due to the 
changes made by the American Rescue 
Plan Act. Other clarifying changes were 
also made to the forms. Additionally, 
conforming changes were made to SBA 
Forms 2484 and 2484–SD. 
SBA has requested Office of 
Management and Budget (OMB) 
emergency approval of the revisions to 
the information collections to give small 
businesses and nonprofits affected by 
this interim final rule the maximum 
amount of time to apply for loans and 
lenders the maximum amount of time to 
process applications before the program 
ends. 
Regulatory Flexibility Act (RFA) 
The Regulatory Flexibility Act (RFA) 
generally requires that when an agency 
issues a proposed rule, or a final rule 
pursuant to section 553(b) of the 
Administrative Procedure Act or 
another law, the agency must prepare a 
regulatory flexibility analysis that meets 
the requirements of the RFA and 
publish such analysis in the Federal 
Register. 5 U.S.C. 603, 604. 
Rules that are exempt from notice and 
comment are also exempt from the RFA 
requirements, including conducting a 
regulatory flexibility analysis, when 
among other things the agency for good 
cause finds that notice and public 
procedure are impracticable, 
unnecessary, or contrary to the public 
interest. SBA Office of Advocacy guide: 
How to Comply with the Regulatory 
Flexibility Act, Ch.1. p.9. Since this rule 
is exempt from notice and comment, 
SBA is not required to conduct a 
regulatory flexibility analysis. 
Authority: 15 U.S.C. 636(a)(36); 15 U.S.C. 
636(a)(37); 15 U.S.C. 636m; Coronavirus Aid, 
Relief, and Economic Security Act, Pub. L. 
116–136, section 1114, Economic Aid to 
Hard-Hit Small Businesses, Nonprofits, and 
Venues Act (Pub. L. 116–260), section 303, 
and American Rescue Plan Act of 2021, 
sections 5001 and 5005. 
James Rivera, 
Acting Administrator, Small Business 
Administration. 
[FR Doc. 2021–05930 Filed 3–18–21; 4:15 pm] 
BILLING CODE P 
DEPARTMENT OF TRANSPORTATION 
Federal Aviation Administration 
14 CFR Part 39 
[Docket No. FAA–2020–0971; Product 
Identifier 2020–NM–083–AD; Amendment 
39–21453; AD 2021–05–10] 
RIN 2120–AA64 
Airworthiness Directives; Airbus 
Canada Limited Partnership (Type 
Certificate Previously Held by C Series 
Aircraft Limited Partnership (CSALP); 
Bombardier, Inc.) Airplanes 
AGENCY: Federal Aviation 
Administration (FAA), Department of 
Transportation (DOT). 
ACTION: Final rule. 
SUMMARY: The FAA is adopting a new 
airworthiness directive (AD) for certain 
Airbus Canada Limited Partnership 
Model BD–500–1A10 and BD–500– 
1A11 airplanes. This AD was prompted 
by a report that threaded fuel couplings 
were incorrectly installed at final 
assembly and in service. This AD 
requires repetitive functional tests of the 
auxiliary power unit (APU) fuel feed 
line shroud, a general visual inspection 
of the APU fuel feed line shroud for any 
loose couplings; and tightening any 
loose couplings, which would terminate 
the repetitive functional tests. The FAA 
is issuing this AD to address the unsafe 
condition on these products. 
DATES: This AD is effective April 26, 
2021. 
The Director of the Federal Register 
approved the incorporation by reference 
of a certain publication listed in this AD 
as of April 26, 2021. 
ADDRESSES: For service information 
identified in this final rule, contact 
Airbus Canada Limited Partnership, 
13100 Henri-Fabre Boulevard, Mirabel, 
Que´bec J7N 3C6, Canada; telephone 
450–476–7676; email a220_crc@
abc.airbus; internet http://
a220world.airbus.com. You may view 
this service information at the FAA, 
Airworthiness Products Section, 
Operational Safety Branch, 2200 South 
216th St., Des Moines, WA. For 
information on the availability of this 
material at the FAA, call 206–231–3195. 
It is also available on the internet at 
https://www.regulations.gov by 
searching for and locating Docket No. 
FAA–2020–0971. 
Examining the AD Docket 
You may examine the AD docket on 
the internet at https://
www.regulations.gov by searching for 
and locating Docket No. FAA–2020– 
VerDate Sep<11>2014 
16:10 Mar 19, 2021
Jkt 253001
PO 00000
Frm 00021
Fmt 4700
Sfmt 4700
E:\FR\FM\22MRR1.SGM
22MRR1
jbell on DSKJLSW7X2PROD with RULES

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2021-03-22_2021-05930.pdf

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www.federalregister.gov