SBA Again Seeks Input on Post-PPP Loan Data Collection Process
Published Date: 3/18/2025
Notice
Summary
The Small Business Administration (SBA) wants your thoughts 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 still needs info to process loan forgiveness and other follow-ups. You’ve got until May 19, 2025, to send in your comments—no money changes now, just keeping things running smoothly!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
PPP borrowers can apply for forgiveness later
If you got a Paycheck Protection Program (PPP) loan, you may apply for loan forgiveness up to five years after SBA issued your loan number, which could be as late as 2026. The SBA says this is one reason it needs to keep the related information collection in place.
Lenders must keep PPP records for 10 years
SBA recently extended PPP lender recordkeeping requirements so PPP lenders must retain loan records for ten years from the date of disposition of each individual PPP loan (Interim Final Rule cited at 89 FR 68090, August 23, 2024). This extension is cited as a reason to continue the information collection.
SBA seeks 3-year extension of PPP information collection
SBA will request OMB approval to extend the Paycheck Protection Program Affiliation Worksheet (SBA Form 3511, OMB Control Number 3245-0416) for three years beyond the current approval, which is set to expire on March 31, 2025. The notice states there are no proposed changes to the form, gives an estimated annual hour burden of 63, and invites public comments by May 19, 2025.
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