Federal Register / Vol. 85, No. 86 / Monday, May 4, 2020 / Rules and Regulations 26321

with their mortgage transaction and party, and thus is a changed initial or final regulatory flexibility
disclose them on the Loan Estimate.13 circumstance. Accordingly, for purposes analysis.22
For purposes of determining good faith of determining good faith, creditors may The Bureau has determined that this
under the TRID Rule, creditors may use use revised estimates of settlement interpretive rule does not impose any
revised estimates of such costs in a charges that consumers would incur in new or revise any existing
limited number of situations pursuant to connection with the mortgage recordkeeping, reporting, or disclosure
Regulation Z, § 1026.19(e)(3)(iv).14 One transaction if the COVID–19 pandemic requirements on covered entities or
such situation is if there are ‘‘changed has affected the estimate of such members of the public that would be
circumstances’’ that affect the settlement charges.17 collections of information requiring
settlement charges consumers would OMB approval under the Paperwork
3. Legal Authority and TILA Safe Harbor
incur.15 The TRID Rule specifies that Reduction Act.23
Provisions
changed circumstances includes ‘‘an
IV. Congressional Review Act
extraordinary event beyond the control The Bureau is issuing this interpretive
of any interested party,’’ with the rule based on its authority to interpret Pursuant to the Congressional Review
commentary to the TRID Rule clarifying TILA and Regulation Z, including under Act,24 the Bureau will submit a report
that a ‘‘war or natural disaster’’ is an section 1022(b)(1) of the Dodd-Frank containing this interpretive rule and
example of such an extraordinary Act, which authorizes guidance as may other required information to the United
event.16 be necessary or appropriate to enable States Senate, the United States House
Economic disruptions and shortages the Bureau to administer and carry out of Representatives, and the Comptroller
during the COVID–19 pandemic may the purposes and objectives of the General of the United States prior to the
affect the ability of stakeholders to Federal consumer financial laws.18 rule’s published effective date. The
provide accurate estimates of some Office of Information and Regulatory
By operation of TILA section 130(f),
settlement charges. Stakeholders have Affairs has designated this interpretive
no provision of TILA sections 108(b),
sought guidance from the Bureau as to rule as not a ‘‘major rule’’ as defined by
108(c), 108(e), 112, or 130 imposing any
whether the COVID–19 pandemic is an 5 U.S.C. 804(2).
liability applies to any act done or
extraordinary event that permits omitted in good faith in conformity with V. Signing Authority
creditors to provide consumers with this interpretive rule, notwithstanding
revised estimates reflecting changes in The Director of the Bureau, having
that after such act or omission has reviewed and approved this document,
settlement charges. For example, a occurred, this interpretive rule is
stakeholder asked to clarify whether, for is delegating the authority to
amended, rescinded, or determined by electronically sign this document to
purposes of establishing good faith, a judicial or other authority to be invalid
creditor could provide a revised Laura Galban, a Bureau Federal Register
for any reason.19 Liaison, for purposes of publication in
estimate of the appraisal fee based on
changed circumstances where (1) the II. Effective Date the Federal Register.
amount disclosed on the Loan Estimate Dated: April 29, 2020.
was based on a reasonable market price Because this rule is solely
interpretive, it is not subject to the 30- Laura Galban,
at the time of the estimate and (2) the Federal Register Liaison, Bureau of Consumer
actual appraisal fee was higher because day delayed effective date for
substantive rules under section 553(d) Financial Protection.
of a shortage of available appraisers due [FR Doc. 2020–09515 Filed 5–1–20; 8:45 am]
to the effects of the COVID–19 of the Administrative Procedure Act.20
pandemic. Upon consideration of the Therefore, this rule is effective on May BILLING CODE 4810–AM–P

interpretive issues, the Bureau 4, 2020, the same date that it is
concludes that, as with wars or natural published in the Federal Register.
SMALL BUSINESS ADMINISTRATION
disasters, the COVID–19 pandemic is an III. Regulatory Requirements
example of an extraordinary event 13 CFR Part 120
beyond the control of any interested This rule articulates the Bureau’s
interpretation of Regulation Z and TILA. [Docket Number SBA–2020–0022]
13 12 CFR 1026.19(e)(3). As a general rule, an As an interpretive rule, it is exempt RIN 3245–AH38
estimated closing cost disclosed on the Loan from the notice-and-comment
Estimate pursuant to § 1026.19(e)(1)(i) is in good rulemaking requirements of the
faith if the charge paid by or imposed on the
Business Loan Program Temporary
consumer does not exceed the amount originally
Administrative Procedure Act.21 Changes; Paycheck Protection
disclosed. 12 CFR 1026.19(e)(3)(i). For certain Because no notice of proposed Program—Requirements—
categories of settlement charges, good faith is rulemaking is required, the Regulatory Disbursements
determined with reference to whether: (1) The Flexibility Act does not require an
aggregate amount of certain charges paid by or AGENCY: U. S. Small Business
imposed on the consumer does not exceed the
aggregate amount of those charges disclosed 17 See id.; 12 CFR 1026.19(e)(4)(i). As noted Administration.
pursuant to § 1026.19(e)(1)(i) by more than 10 above, the revised estimates must be reflected on a ACTION: Interim final rule.
percent (see 12 CFR 1026.19(e)(3)(ii)(A)); or (2) the revised version of the Loan Estimate, on the Closing
charge was estimated consistent with the best Disclosure, or on a corrected Closing Disclosure. 12 SUMMARY: On April 2, 2020, the U.S.
information reasonably available at the time it was CFR 1026.19(e)(4)(i). See also 12 CFR 1024.2(b)
disclosed, regardless of whether the final amount (definition of ‘‘Changed circumstances’’ in Small Business Administration (SBA)
exceeds the estimated amount (see 12 CFR Regulation X, which predates the TRID Rule posted an interim final rule (the First
1026.19(e)(3)(iii)). changed circumstance definition, includes ‘‘Acts of PPP Interim Final Rule) announcing the
14 12 CFR 1026.19(e)(3)(iv); 12 CFR God, war, disaster, or other emergency’’). implementation of the Coronavirus Aid,

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18 12 U.S.C. 5512(b)(1). The relevant provisions of
1026.19(e)(4)(i). Under § 1026.19(e)(4)(i), the Relief, and Economic Security Act
revised estimates must be reflected on a revised TILA and Regulation Z form part of Federal
version of the Loan Estimate, on the Closing consumer financial law. See 12 U.S.C. 5481(12)(O), (CARES Act or the Act). The Act
Disclosure, or on a corrected Closing Disclosure. (14).
15 12 CFR 1026.19(e)(3)(iv)(A). 19 15 U.S.C. 1640(f). 22 5 U.S.C. 603(a), 604(a).

16 12 CFR 1026.19(e)(3)(iv)(A)(1); comment 20 5 U.S.C. 553(d). 23 44 U.S.C. 3501 et seq.

19(e)(3)(iv)(A)–2. 21 5 U.S.C. 553(b). 24 5 U.S.C. 801 et seq.

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26322 Federal Register / Vol. 85, No. 86 / Monday, May 4, 2020 / Rules and Regulations

temporarily adds a new program, titled health measures that are being taken to section 1114 of the Act authorizes SBA
the ‘‘Paycheck Protection Program,’’ to minimize the public’s exposure to the to issue regulations to implement Title
the SBA’s 7(a) Loan Program. The Act virus. These measures, some of which I of the Act without regard to notice
also provides for forgiveness of up to the are government-mandated, are being requirements. This rule is being issued
full principal amount of qualifying implemented nationwide and include to allow for immediate implementation
loans guaranteed under the Paycheck the closures of restaurants, bars, and of this program. Although this interim
Protection Program (PPP). The PPP is gyms. In addition, based on the advice final rule is effective immediately,
intended to provide economic relief to of public health officials, other comments are solicited from interested
small businesses nationwide adversely measures, such as keeping a safe members of the public on all aspects of
impacted by the Coronavirus Disease distance from others or even stay-at- the interim final rule, including section
2019 (COVID–19). SBA posted home orders, are being implemented, III below. These comments must be
additional interim final rules on April 3, resulting in a dramatic decrease in submitted on or before June 3, 2020.
2020, April 14, 2020, and April 24, economic activity as the public avoids SBA will consider these comments and
2020. This interim final rule malls, retail stores, and other the need for making any revisions as a
supplements the previously posted businesses. result of these comments.
interim final rules with additional On March 27, 2020, the President
guidance. This interim final rule signed the Coronavirus Aid, Relief, and III. Paycheck Protection Program
supplements SBA’s implementation of Economic Security Act (the CARES Act Requirements for Disbursements
the Act and requests public comment. or the Act) (Pub. L. 116–136) to provide Overview
DATES: emergency assistance and health care
Effective date: This rule is effective response for individuals, families, and The CARES Act was enacted to
May 4, 2020. businesses affected by the coronavirus provide immediate assistance to
Applicability date: This interim final pandemic. The Small Business individuals, families, and organizations
rule applies to applications submitted Administration (SBA) received funding affected by the COVID–19 emergency.
under the Paycheck Protection Program and authority through the Act to modify Among the provisions contained in the
through June 30, 2020, or until funds existing loan programs and establish a CARES Act are provisions authorizing
made available for this purpose are new loan program to assist small SBA to temporarily guarantee loans
exhausted. businesses nationwide adversely under the Paycheck Protection Program
Comment date: Comments must be impacted by the COVID–19 emergency. (PPP). Loans under the PPP will be 100
received on or before June 3, 2020. Section 1102 of the Act temporarily percent guaranteed by SBA, and the full
ADDRESSES: You may submit comments, permits SBA to guarantee 100 percent of principal amount of the loans and any
identified by number SBA–2020–0022, 7(a) loans under a new program titled accrued interest may qualify for loan
through the Federal eRulemaking Portal: the ‘‘Paycheck Protection Program.’’ forgiveness. Additional information
http://www.regulations.gov. Follow the Section 1106 of the Act provides for about the PPP is available in the First
instructions for submitting comments. forgiveness of up to the full principal PPP Interim Final Rule (85 FR 20811),
SBA will post all comments on amount of qualifying loans guaranteed a second interim final rule (85 FR
www.regulations.gov. If you wish to under the Paycheck Protection Program. 20817) (the Second PPP Interim Final
submit confidential business On April 24, 2020, the President signed Rule), a third interim final rule (85 FR
information (CBI) as defined in the User the Paycheck Protection Program and 21747) (the Third PPP Interim Final
Notice at www.regulations.gov, please Health Care Enhancement Act (Pub. L. Rule), a fourth interim final rule (85 FR
send an email to ppp-ifr@sba.gov. 116–139), which provided additional 23450) (the Fourth PPP Interim Final
Highlight the information that you funding and authority for the Paycheck Rule), and in an interim final rule
Protection Program. issued by the Department of the
consider to be CBI and explain why you
believe SBA should hold this II. Comments and Immediate Effective Treasury, which was posted for public
information as confidential. SBA will Date inspection at the Federal Register on
review the information and make the The intent of the Act is that SBA April 28, 2020 (FR Doc. 2020–09239)
final determination whether it will provide relief to America’s small (collectively, the PPP Interim Final
publish the information. businesses expeditiously. This intent, Rules).
FOR FURTHER INFORMATION CONTACT: A along with the dramatic decrease in 1. Disbursements
Call Center Representative at 833–572– economic activity nationwide, provides
0502, or the local SBA Field Office; the good cause for SBA to dispense with the a. Can a borrower take multiple draws
list of offices can be found at https:// 30-day delayed effective date provided from a PPP loan and thereby delay the
www.sba.gov/tools/local-assistance/ in the Administrative Procedure Act. start of the eight-week covered period?
districtoffices. Specifically, it is critical to meet No. The lender must make a one-time,
SUPPLEMENTARY INFORMATION: lenders’ and borrowers’ need for clarity full disbursement of the PPP loan
concerning program requirements as within ten calendar days of loan
I. Background Information rapidly as possible because the last day approval; for the purposes of this rule,
On March 13, 2020, President Trump eligible borrowers can apply for and a loan is considered approved when the
declared the ongoing Coronavirus receive a loan is June 30, 2020. loan is assigned a loan number by SBA.1
Disease 2019 (COVID–19) pandemic of This interim final rule supplements For loans that received an SBA loan
sufficient severity and magnitude to previous regulations and guidance on number prior to the posting of this
warrant an emergency declaration for all several important, discrete issues. The interim final rule but have not yet been

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States, territories, and the District of immediate effective date of this interim fully disbursed, the following transition
Columbia. With the COVID–19 final rule will benefit lenders so that rules apply:
emergency, many small businesses they can swiftly close and disburse
nationwide are experiencing economic loans to small businesses. This interim 1 If the tenth calendar day is a Saturday, Sunday,
hardship as a direct result of the final rule is effective without advance or legal holiday, the period continues to run until
Federal, State, tribal, and local public notice and public comment because the end of the next business day.

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Federal Register / Vol. 85, No. 86 / Monday, May 4, 2020 / Rules and Regulations 26323

• The ten calendar-day period have been fully disbursed on the various layers of government. Therefore,
described above begins on April 28, disbursement dates and in the loan SBA has determined that this rule has
2020. amounts reported. A lender must report no federalism implications warranting
• The eight-week covered period through either Etran Servicing or the preparation of a federalism assessment.
began on the date of first disbursement. SBA Form 1502 report any PPP loans
Notwithstanding this limitation, Paperwork Reduction Act, 44 U.S.C.
that have been cancelled before
lenders are not responsible for delays in Chapter 35
disbursement or that have been
disbursement attributable to a cancelled or voluntarily terminated and SBA has determined that this rule
borrower’s failure to timely provide repaid after disbursement. will not impose new or modify existing
required loan documentation, including The Administrator, in consultation recordkeeping or reporting requirements
a signed promissory note. Loans for with the Secretary, determined that under the Paperwork Reduction Act.
which funds have not been disbursed requiring lenders to report on Regulatory Flexibility Act (RFA)
because a borrower has not submitted disbursement within 20 calendar days
required loan documentation within 20 of loan approval ensures that The Regulatory Flexibility Act (RFA)
calendar days of loan approval shall be disbursement of funds to eligible generally requires that when an agency
cancelled by the lender, subject to the borrowers will occur more rapidly. This issues a proposed rule, or a final rule
transition rules above. When disbursing requirement also will enhance SBA’s pursuant to section 553(b) of the APA or
loans, lenders must send any amount of ability to track program data. another law, the agency must prepare a
loan proceeds designated for the regulatory flexibility analysis that meets
refinance of an EIDL loan directly to 2. Additional Information the requirements of the RFA and
SBA and not to the borrower. SBA may provide further guidance, if publish such analysis in the Federal
The Administrator, in consultation needed, through SBA notices that will Register. 5 U.S.C. 603, 604. Specifically,
with the Secretary, determined that be posted on SBA’s website at the RFA normally requires agencies to
requiring a single loan disbursement www.sba.gov. Questions on the describe the impact of a rulemaking on
will best serve the interests of both Paycheck Protection Program may be small entities by providing a regulatory
borrowers and lenders and promote the directed to the Lender Relations impact analysis. Such analysis must
purposes of the CARES Act. A single Specialist in the local SBA Field Office. address the consideration of regulatory
loan disbursement will eliminate the The local SBA Field Office may be options that would lessen the economic
risk of delays in processing loan found at https://www.sba.gov/tools/ effect of the rule on small entities. The
disbursement installments, advance the local-assistance/districtoffices. RFA defines a ‘‘small entity’’ as (1) a
goal of payroll continuity for employees, proprietary firm meeting the size
Compliance With Executive Orders standards of the Small Business
and provide borrowers with faster
12866, 12988, 13132, 13563, and 13771, Administration (SBA); (2) a nonprofit
access to the full loan amount so that
the Paperwork Reduction Act (44 organization that is not dominant in its
they can immediately cover payroll
U.S.C. Ch. 35), and the Regulatory field; or (3) a small government
costs.
Flexibility Act (5 U.S.C. 601–612) jurisdiction with a population of less
b. By when must a lender
electronically submit an SBA Form 1502 Executive Orders 12866, 13563, and than 50,000. 5 U.S.C. 601(3)–(6). Except
indicating that PPP loan funds have 13771 for such small government jurisdictions,
been disbursed? This interim final rule is neither State nor local governments are
SBA will make available a specific economically significant for the ‘‘small entities.’’ Similarly, for purposes
SBA Form 1502 reporting process purposes of Executive Orders 12866 and of the RFA, individual persons are not
through which PPP lenders will report 13563, and is considered a major rule small entities. The requirement to
on PPP loans and collect the processing under the Congressional Review Act. conduct a regulatory impact analysis
fee on fully disbursed loans to which SBA, however, is proceeding under the does not apply if the head of the agency
they are entitled. Lenders must emergency provision at Executive Order ‘‘certifies that the rule will not, if
electronically upload SBA Form 1502 12866 Section 6(a)(3)(D) based on the promulgated, have a significant
information within 20 calendar days need to move expeditiously to mitigate economic impact on a substantial
after a PPP loan is approved or, for loans the current economic conditions arising number of small entities.’’ 5 U.S.C.
approved before availability of the from the COVID–19 emergency. This 605(b). The agency must, however,
updated SBA Form 1502 reporting rule’s designation under Executive publish the certification in the Federal
process, by May 18, 2020. The lender Order 13771 will be informed by public Register at the time of publication of the
must report on SBA Form 1502 whether comment. rule, ‘‘along with a statement providing
it has fully disbursed PPP loan the factual basis for such certification.’’
proceeds. A lender will not receive a Executive Order 12988 If the agency head has not waived the
processing fee: (1) Prior to full SBA has drafted this rule, to the requirements for a regulatory flexibility
disbursement of the PPP loan; (2) if the extent practicable, in accordance with analysis in accordance with the RFA’s
PPP loan is cancelled before the standards set forth in section 3(a) waiver provision, and no other RFA
disbursement; or (3) if the PPP loan is and 3(b)(2) of Executive Order 12988, to exception applies, the agency must
cancelled or voluntarily terminated and minimize litigation, eliminate prepare the regulatory flexibility
repaid after disbursement (including if a ambiguity, and reduce burden. The rule analysis and publish it in the Federal
borrower repays the PPP loan proceeds has no preemptive or retroactive effect. Register at the time of promulgation or,
to conform to the borrower’s if the rule is promulgated in response to
certification regarding the necessity of Executive Order 13132 an emergency that makes timely

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the PPP loan request). In addition to SBA has determined that this rule compliance impracticable, within 180
providing ACH credit information to will not have substantial direct effects days of publication of the final rule. 5
direct payment of the requested on the States, on the relationship U.S.C. 604(a), 608(b).
processing fee, lenders will be required between the National Government and Rules that are exempt from notice and
to confirm that all PPP loans for which the States, or on the distribution of comment are also exempt from the RFA
the lender is requesting a processing fee power and responsibilities among the requirements, including conducting a

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26324 Federal Register / Vol. 85, No. 86 / Monday, May 4, 2020 / Rules and Regulations

regulatory flexibility analysis, when through June 30, 2020, or until funds existing loan programs and establish a
among other things the agency for good made available for this purpose are new loan program to assist small
cause finds that notice and public exhausted. businesses nationwide adversely
procedure are impracticable, Comment date: Comments must be impacted by the COVID–19 emergency.
unnecessary, or contrary to the public received on or before June 3, 2020. Section 1102 of the CARES Act
interest. SBA Office of Advocacy guide: ADDRESSES: You may submit comments, temporarily permits SBA to guarantee
How to Comply with the Regulatory identified by number SBA–2020–0023 100 percent of 7(a) loans under a new
Flexibility Act, Ch.1. p.9. Accordingly, through the Federal eRulemaking Portal: program titled the ‘‘Paycheck Protection
SBA is not required to conduct a http://www.regulations.gov. Follow the Program.’’ Section 1106 of the CARES
regulatory flexibility analysis. instructions for submitting comments. Act provides for forgiveness of up to the
SBA will post all comments on full principal amount of qualifying
Jovita Carranza,
www.regulations.gov. If you wish to loans guaranteed under the Paycheck
Administrator. Protection Program. On April 24, 2020,
submit confidential business
[FR Doc. 2020–09398 Filed 5–1–20; 8:45 am] the President signed the Paycheck
information (CBI) as defined in the User
BILLING CODE P
Notice at www.regulations.gov, please Protection Program and Health Care
send an email to ppp-ifr@sba.gov. Enhancement Act (Pub. L. 116–139),
Highlight the information that you which provided additional funding and
SMALL BUSINESS ADMINISTRATION authority for the Paycheck Protection
consider to be CBI and explain why you
believe SBA should hold this Program.
13 CFR Part 120 As described below, to preserve the
information as confidential. SBA will
[Docket Number SBA–2020–0023] review the information and make the limited resources available to the PPP
final determination whether it will program, this interim final rule limits
RIN 3245–AH39
publish the information. the aggregate amount of PPP loans that
Business Loan Program Temporary any single corporate group may receive.
FOR FURTHER INFORMATION CONTACT: A
Changes; Paycheck Protection This interim final rule also provides
Call Center Representative at 833–572–
Program—Requirements—Corporate additional guidance regarding lenders
0502, or the local SBA Field Office; the
Groups and Non-Bank and Non- eligible to make PPP loans.
list of offices can be found at https://
Insured Depository Institution Lenders www.sba.gov/tools/local-assistance/ II. Comments and Immediate Effective
AGENCY: U. S. Small Business districtoffices. Date
Administration. SUPPLEMENTARY INFORMATION: The intent of the CARES Act is that
ACTION: Interim final rule. SBA provide relief to America’s small
I. Background Information
businesses expeditiously. This intent,
SUMMARY: On April 2, 2020, the U.S. On March 13, 2020, President Trump along with the dramatic decrease in
Small Business Administration (SBA) declared the ongoing Coronavirus economic activity nationwide, provides
posted an interim final rule announcing Disease 2019 (COVID–19) pandemic of good cause for SBA to dispense with the
the implementation of the Coronavirus sufficient severity and magnitude to 30-day delayed effective date provided
Aid, Relief, and Economic Security Act warrant an emergency declaration for all in the Administrative Procedure Act.
(CARES Act). The CARES Act States, territories, and the District of Specifically, it is critical to meet
temporarily adds a new program, titled Columbia. With the COVID–19 lenders’ and borrowers’ need for clarity
the ‘‘Paycheck Protection Program,’’ to emergency, many small businesses concerning program requirements as
the SBA’s 7(a) Loan Program. The nationwide are experiencing economic rapidly as possible because the last day
CARES Act also provides for forgiveness hardship as a direct result of the eligible borrowers can apply for and
of up to the full principal amount of Federal, State, tribal, and local public receive a loan is June 30, 2020.
qualifying loans guaranteed under the health measures that are being taken to This interim final rule supplements
Paycheck Protection Program (PPP). The minimize the public’s exposure to the previous regulations and guidance on
PPP is intended to provide economic virus. These measures, some of which certain important, discrete issues. The
relief to small businesses nationwide are government-mandated, are being immediate effective date of this interim
adversely impacted by the Coronavirus implemented nationwide and include final rule will benefit lenders so that
Disease 2019 (COVID–19). SBA posted the closures of restaurants, bars, and they can swiftly close and disburse
additional interim final rules on April 3, gyms. In addition, based on the advice loans to small businesses. This interim
2020, April 14, 2020, April 24, 2020, of public health officials, other final rule is effective without advance
and April 28, 2020, and the Department measures, such as keeping a safe notice and public comment because
of the Treasury posted an additional distance from others or even stay-at- section 1114 of the CARES Act
interim final rule on April 28, 2020. home orders, are being implemented, authorizes SBA to issue regulations to
This interim final rule supplements the resulting in a dramatic decrease in implement Title I of the CARES Act
previously posted interim final rules by economic activity as the public avoids without regard to notice requirements.
limiting the amount of PPP loans that malls, retail stores, and other This rule is being issued to allow for
any single corporate group may receive businesses. immediate implementation of this
and provides additional guidance on the On March 27, 2020, the President program. Although this interim final
criteria for non-bank lender signed the Coronavirus Aid, Relief, and rule is effective immediately, comments
participation in the PPP, and requests Economic Security Act (the CARES Act) are solicited from interested members of
public comment. (Pub. L. 116–136) to provide emergency the public on all aspects of this interim

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DATES: assistance and health care response for final rule, including section III below.
Effective date: This rule is effective individuals, families, and businesses These comments must be submitted on
May 4, 2020. affected by the coronavirus pandemic. or before June 3, 2020. SBA will
Applicability date: This interim final The Small Business Administration consider these comments and the need
rule applies to applications submitted (SBA) received funding and authority for making any revisions as a result of
under the Paycheck Protection Program through the CARES Act to modify these comments.

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