Treasury Extends COVID Loan Paperwork Feedback Period
Published Date: 1/28/2025
Notice
Summary
The Treasury Department is asking for public feedback on the paperwork needed for CARES Act loans and payroll support programs that helped airlines and related businesses during COVID-19. This is about extending the approval to keep collecting info, not new money. If you’re involved with these programs, you have until March 31, 2025, to share your thoughts on making the process easier.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Continued CARES Act reporting burden
If your business participated in CARES Act loans or the payroll support programs (PSP1/PSP2/PSP3), the Treasury will continue collecting compliance information under OMB Control Number 1505-0263. Your business must keep records for five years or more and submit quarterly compliance reports and other documentation as requested; each response is estimated at 4.25 hours, with an estimated 691 respondents, 2,764 annual responses, and 11,747 total annual burden hours. You may submit comments on the information collection by March 31, 2025.
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