SBA Requests Comments on Lingering Paycheck Protection Program Data Needs
Published Date: 3/18/2025
Notice
Summary
The Small Business Administration (SBA) is asking the public to comment on their data collection for the Paycheck Protection Program (PPP) loans, which helped small businesses during COVID-19. Even though the PPP loan program ended, SBA needs to keep collecting info for a few more years. Comments are due by May 19, 2025, so businesses and others affected should speak up now!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
PPP Data Collection Extended for 3 Years
The SBA will ask the Office of Management and Budget to extend approval of the PPP information collection (OMB Control Number 3245-0407) for three years beyond the current expiration date of March 31, 2025. Comments on this extension are due by May 19, 2025.
Large Paperwork Burden for Forgiveness Forms
SBA provides estimated respondent counts and annual hour burdens for PPP forms: Form 3508 — 57,812 respondents (173,678 annual hours); Form 3508EZ — 173,437 respondents (58,535 annual hours); Form 3508S — 924,999 respondents (235,104 annual hours); and lender loan-review reporting — 175,000 respondents (88,980 annual hours). Several other forms list additional hour burdens.
Borrowers Can Seek Forgiveness Up To 5 Years
PPP borrowers may apply for loan forgiveness up to five years after SBA issued a loan number, which the notice says could be as late as 2026. SBA is keeping the information collection in place so borrowers retain that ability to apply for forgiveness.
Lender Recordkeeping Extended to 10 Years
SBA notes an Interim Final Rule (89 FR 68090, August 23, 2024) that extended PPP lender record retention requirements to ten years from the date of disposition of each PPP loan. The information collection is being extended to align with that ten-year retention rule.
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Key Dates
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