Unknown. Interim final rule with request for comments

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--- schema: federal-register doc_type: fedreg source_file: FR-2016-05-25.xml --- 81 101 Wednesday, May 25, 2016 Contents Agriculture Department, Office of the Chief Financial Officer Agriculture Department, Office of the Chief Financial Officer NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 33198 2016-12261 Agriculture Agriculture Department See Agriculture Department, Office of the Chief Financial Officer See Food and Nutrition Service See Foreign Agricultural Service See Forest Service See National Institute of Food and Agriculture See Rural Utilities Service Army Army Department NOTICES Requests for Information:

Army Science Board: Robotic and Autonomous Systems-of-Systems Technology Initiatives; Extension of Comment Period, 33244 2016-12285 Consumer Financial Protection Bureau of Consumer Financial Protection NOTICES Meetings: Consumer Advisory Board, 33243-33244 2016-12344 Centers Medicare Centers for Medicare & Medicaid Services NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 33257-33258 2016-12085 Commerce Commerce Department See Industry and Security Bureau See International Trade Administration See National Institute of Standards and Technology See National Oceanic and Atmospheric Administration Commodity Futures Commodity Futures Trading Commission NOTICES Charter Renewals:

Market Risk Advisory Committee, 33243 2016-12316 Copyright Office Copyright Office, Library of Congress PROPOSED RULES Designation of Agent to Receive Notification of Claimed Infringement, 33153-33155 2016-12227 Defense Department Defense Department See Army Department See Engineers Corps PROPOSED RULES Federal Acquisition Regulations: Public Disclosure of Greenhouse Gas Emissions and Reduction Goals—Representation, 33192-33196 2016-12226 NOTICES Termination of the National Commission on the Future of the Army, 33244-33245 2016-12275 Education Department Education Department NOTICES Improving the Academic Achievement of the Disadvantaged, Migrant Education Program, 33246-33247 2016-12251 Energy Department Energy Department NOTICES Meetings:

Biomass Research and Development Technical Advisory Committee, 33247-33248 2016-12320 Environmental Management Site-Specific Advisory Board, Paducah, 33247 2016-12317 Requests for Nominations: Biomass Research and Development Technical Advisory Committee, 33248-33249 2016-12319 Engineers Engineers Corps NOTICES Meetings: Inland Waterways Users Board, 33245-33246 2016-12267 Environmental Protection Environmental Protection Agency RULES Air Quality State Implementation Plans; Approvals and Promulgations:

Connecticut; Sulfur Content of Fuel Oil Burned in Stationary Sources, 33134-33139 2016-12120 Mississippi; Prong 4-2008 Ozone, 2010 NO2, SO2, and 2012 PM2.5, 33139-33140 2016-12114 PROPOSED RULES Air Quality State Implementation Plans; Approvals and Promulgations: Connecticut; Sulfur Content of Fuel Oil Burned in Stationary Sources, 33160-33161 2016-12118 Texas; Clean Air Act Redesignation Substitute for the Dallas-Fort Worth 1-hour Ozone and 1997 8-hour Ozone Nonattainment Areas, 33161-33166 2016-12229 Texas;

Clean Air Act Redesignation Substitute for the Houston-Galveston-Brazoria 1997 8-hour Ozone Nonattainment Area, 33166-33169 2016-12230 Public Hearing for Standards for 2017 and Biomass-Based Diesel Volume for 2018 under the Renewable Fuel Standard Program, 33169-33170 2016-12358 NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: Greenhouse Gas Reporting Program, 33249-33250 2016-12310 Environmental Assessments; Availability, etc.: Coastal Nonpoint Pollution Control Program, 33216-33217 2016-12328 Lifetime Health Advisories and Health Effects Support Documents for Perfluorooctanoic Acid and Perfluorooctane Sulfonate, 33250-33251 2016-12361 Pesticide Product Registrations:

Receipt of Applications for New Active Ingredients, 33251-33252 2016-12359 Federal Aviation Federal Aviation Administration RULES Operating Limitations at New York LaGuardia Airport, 33126-33128 2016-12220 Federal Communications Federal Communications Commission RULES Expanded Online Public Inspection File Obligations: Cable and Satellite TV Operators and Broadcast and Satellite Radio Licensees, 33140-33144 2016-11693 PROPOSED RULES Transition from TTY to Real-Time Text Technology, 33170-33192 2016-12057 NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals, 33252-33254 2016-12276 2016-12277 Meetings: Consumer Advisory Committee, 33253-33254 2016-12309 Federal Maritime Federal Maritime Commission NOTICES Agreements Filed, 33254-33255 2016-12327 Federal Motor Federal Motor Carrier Safety Administration RULES Commercial Zones at International Border with Mexico, 33144-33147 2016-12184 Federal Railroad Federal Railroad Administration NOTICES Requests for Positive Train Control Safety Plan Approvals and System Certifications:

CSX Transportation, Inc., 33318 2016-12308 Federal Reserve Federal Reserve System NOTICES Changes in Bank Control: Acquisitions of Shares of a Bank or Bank Holding Company, 33255 2016-12264 Federal Trade Federal Trade Commission NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 33255-33257 2016-12330 Fish Fish and Wildlife Service NOTICES Meetings: Wildlife and Hunting Heritage Conservation Council, 33265-33266 2016-12322 Food and Drug Food and Drug Administration RULES Cardiovascular Devices:

Reclassification of External Cardiac Compressor; Reclassification of Cardiopulmonary Resuscitation Aids, 33128-33134 2016-12333 Food and Nutrition Food and Nutrition Service NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 33198-33199 2016-12259 Requests for Information: Supplemental Nutrition Assistance Program Data Exchange Standardization, 33199-33200 2016-12262 Foreign Agricultural Foreign Agricultural Service NOTICES WTO Agricultural Quantity-Based Safeguard Trigger Levels, 33200-33201 2016-12321 Forest Forest Service NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals: Youth Conservation Corps Application and Medical History, 33203-33204 2016-12314 Environmental Impact Statements; Availability, etc.: Tonto National Forest; Pinal County, AZ; Resolution Copper Project and Land Exchange, 33202-33203 2016-12334 Requests for Nominations: National Advisory Committee for Implementation of the National Forest System Land Management Planning Rule, 33201-33202 2016-12313 General Services General Services Administration PROPOSED RULES Federal Acquisition Regulations:

Public Disclosure of Greenhouse Gas Emissions and Reduction Goals—Representation, 33192-33196 2016-12226 Geological Geological Survey NOTICES Meetings: National Geospatial Advisory Committee, 33266 2016-12249 Health and Human Health and Human Services Department See Centers for Medicare & Medicaid Services See Food and Drug Administration See Health Resources and Services Administration See Indian Health Service See National Institutes of Health NOTICES Meetings: National Advisory Committee on Children and Disasters and the National Preparedness and Response Science Board, 33262 2016-12318 Health Resources Health Resources and Services Administration NOTICES Ryan White HIV/AIDS Program Part C HIV Early Intervention Services Program Existing Geographic Service Area, 33258-33260 2016-12304 State and Regional Primary Care Associations Cooperative Program, 33260-33262 2016-12302 Indian Health Indian Health Service NOTICES Medical Professionals Recruitment and Continuing Education Program;

Correction, 33262-33263 2016-12303 Industry Industry and Security Bureau NOTICES Meetings: Emerging Technology and Research Advisory Committee, 33208-33209 2016-12301 Regulations and Procedures Technical Advisory Committee, 33208 2016-12300 Institute of Museum and Library Services Institute of Museum and Library Services NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: STEM Expert Facilitation of Family Learning in Libraries and Museums:

A National Leadership Grants Special Initiative, 33273-33274 2016-12305 Interior Interior Department See Fish and Wildlife Service See Geological Survey See Land Management Bureau See National Park Service International Trade Adm International Trade Administration NOTICES Antidumping or Countervailing Duty Investigations, Orders, or Reviews: Fresh Garlic from the People's Republic of China; Jinxiang Huameng Imp and Exp Co., Ltd., 33209-33211 2016-12336 Export Trade Certificates of Review, 33209 2016-12332 International Trade Com International Trade Commission NOTICES Complaints:

Solicitation of Comments Relating to the Public Interest, 33270-33271 2016-12282 Justice Department Justice Department See Justice Programs Office Justice Programs Justice Programs Office NOTICES Requests for Nominations: Office of Justice Programs Science Advisory Board, 33271 2016-12311 Labor Department Labor Department See Occupational Safety and Health Administration Land Land Management Bureau NOTICES Meetings: John Day-Snake Resource Advisory Council, 33266-33267 2016-12335 Library Library of Congress See Copyright Office, Library of Congress Maritime Maritime Administration NOTICES Requests for Administrative Waivers of the Coastwise Trade Laws:

Vessel INDIGO, 33320 2016-12339 Vessel MSZ MT 749 G 809, 33318-33319 2016-12340 Vessel NAUTI GIRL, 33319 2016-12341 Vessel PEGASUS, 33319-33320 2016-12342 NASA National Aeronautics and Space Administration PROPOSED RULES Federal Acquisition Regulations: Public Disclosure of Greenhouse Gas Emissions and Reduction Goals—Representation, 33192-33196 2016-12226 National Foundation National Foundation on the Arts and the Humanities See Institute of Museum and Library Services National Institute Food National Institute of Food and Agriculture NOTICES Requirements and Registration:

U.S. Department of Agriculture Innovations in Food and Agricultural Science and Technology Prize Competition, 33204-33207 2016-12265 National Institute National Institute of Standards and Technology NOTICES Meetings: Board of Overseers of the Malcolm Baldrige National Quality Award and Judges Panel of the Malcolm Baldrige National Quality Award, 33211-33212 2016-12292 National Institute National Institutes of Health NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals:

Surveys and Interviews to Support an Evaluation of the Innovative Molecular Analysis Technologies Program, 33263-33264 2016-12294 Meetings: Center for Scientific Review, 33264 2016-12295 National Institute of Mental Health, 33264-33265 2016-12296 National Oceanic National Oceanic and Atmospheric Administration RULES Fisheries of the Caribbean, Gulf of Mexico, and South Atlantic: South Atlantic Gray Triggerfish; Re-opening of Commercial Sector; January through June Season, 33150 2016-12356 Fisheries of the Caribbean, Gulf of Mexico, and South Atlantic; 2016 Commercial Accountability Measures and Closure for Blueline Tilefish in the South Atlantic Region, 33150-33151 2016-12351 Fisheries of the Economic Exclusive Zone Off Alaska:

Deep-Water Species Fishery and Shallow-Water Species Fishery by Vessels Using Trawl Gear in the Gulf of Alaska, 33151-33152 2016-12354 International Fisheries: Western and Central Pacific Fisheries for Highly Migratory Species; Fishing Effort Limits in Purse Seine Fisheries for 2016, 33147-33149 2016-12345 PROPOSED RULES Mariana Archipelago Fisheries: Remove the CNMI Medium and Large Vessel Bottomfish Prohibited Areas, 33196-33197 2016-12347 NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals, 33242 2016-12378 Agency Information Collection Activities; Proposals, Submissions, and Approvals: StormReady, TsunamiReady, StormReady/TsunamiReady, and StormReady Supporter Application Forms, 33212-33213 2016-12247 Environmental Assessments; Availability, etc.: Coastal Nonpoint Pollution Control Program, 33216-33217 2016-12328 General Provisions for Domestic Fisheries: Application for Exempted Fishing Permits, 33242-33243 2016-12243 Northeast Ocean Plan, 33213-33215 2016-12196 Permits:

Endangered Species, 33212 2016-12286 Marine Mammals, 33217 2016-12287 Requests for Nominations: Hydrographic Services Review Panel, 33215-33216 2016-12323 Takes of Marine Mammals Incidental to Specified Activities: San Francisco Ferry Terminal Expansion Project, South Basin Improvements Project, 33217-33242 2016-12299 National Park National Park Service NOTICES National Register of Historic Places: Pending Nominations and Related Actions, 33267-33270 2016-12269 2016-12270 2016-12271 National Science National Science Foundation NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals: Antarctic Conservation Act Application Permit Form, 33274 2016-12246 Nuclear Regulatory Nuclear Regulatory Commission NOTICES Meetings; Sunshine Act, 33274-33275 2016-12465 Occupational Safety Health Adm Occupational Safety and Health Administration NOTICES Meetings: National Advisory Committee on Occupational Safety and Health, 33271-33273 2016-12350 Postal Service Postal Service NOTICES Product Changes: Priority Mail Negotiated Service Agreement, 33275 2016-12254 2016-12255 2016-12256 2016-12257 2016-12258 Presidential Documents Presidential Documents PROCLAMATIONS Special Observances:

Armed Forces Day (Proc. 9452), 33327-33328 2016-12560 National Maritime Day (Proc. 9453), 33329-33330 2016-12561 National Safe Boating Week (Proc. 9451), 33323-33326 2016-12557 Rural Utilities Rural Utilities Service NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 33207-33208 2016-12266 Securities Securities and Exchange Commission NOTICES Self-Regulatory Organizations; Proposed Rule Changes: Miami International Securities Exchange, LLC, 33283-33284, 33301-33307 2016-12235 2016-12396 Municipal Securities Rulemaking Board, 33285-33286 2016-12238 NASDAQ Stock Market, LLC, 33275-33278, 33307-33316 2016-12237 2016-12236 New York Stock Exchange, LLC, 33278-33283 2016-12241 NYSE Arca, Inc., 33291-33301 2016-12239 2016-12242 NYSE MKT, LLC, 33286-33291 2016-12240 Small Business Small Business Administration RULES Debt Refinancing in 504 Loan Program, 33123-33126 2016-12447 State Department State Department NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals: Adoptive Family Relief Act Refund Application, 33317 2016-12357 Charter Renewals: Defense Trade Advisory Group, 33317-33318 2016-12366 Meetings: Preparations for International Maritime Organization Council Session, 33316-33317 2016-12374 Surface Transportation Surface Transportation Board NOTICES Senior Executive Service Performance Review Board and Executive Resources Board Membership, 33318 2016-12297 Transportation Department Transportation Department See Federal Aviation Administration See Federal Motor Carrier Safety Administration See Federal Railroad Administration See Maritime Administration See Transportation Statistics Bureau Transportation Statistics Transportation Statistics Bureau NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals: Passenger Origin-Destination Survey Report, 33321 2016-11646 Veteran Affairs Veterans Affairs Department PROPOSED RULES Advanced Practice Registered Nurses, 33155-33160 2016-12338 NOTICES Meetings: Commission on Care, 33321-33322 2016-12362 Separate Parts In This Issue Part II Presidential Documents, 33323-33330 2016-12560 2016-12561 2016-12557 Reader Aids Consult the Reader Aids section at the end of this issue for phone numbers, online resources, finding aids, and notice of recently enacted public laws.

To subscribe to the Federal Register Table of Contents LISTSERV electronic mailing list, go to http://listserv.access.gpo.gov and select Online mailing list archives, FEDREGTOC-L, Join or leave the list (or change settings); then follow the instructions. 81 101 Wednesday, May 25, 2016 Rules and Regulations SMALL BUSINESS ADMINISTRATION 13 CFR Part 120 RIN 3245-AG79 Debt Refinancing in 504 Loan Program AGENCY: U.S. Small Business Administration. ACTION: Interim final rule with request for comments.

SUMMARY: This interim final rule implements Section 521 of Division E the Consolidated Appropriations Act, 2016, which authorizes projects approved for financing under Title V of the Small Business Investment Act to include the refinancing of qualified debt. DATES: *Effective Date:* This rule is effective June 24, 2016. *Comment Date:* Comments must be received on or before July 25, 2016. ADDRESSES: You may submit comments, identified by RIN 3245-AG79, by any of the following methods: *Federal eRulemaking Portal: http://www.regulations.gov.* Follow the instructions for submitting comments. *Mail:* Linda Reilly.

Chief, 504 Branch, Office of Financial Assistance, U.S. Small Business Administration, 409 Third Street SW., 8th Floor, Washington, DC 20416. *Hand Delivery/Courier:* Linda Reilly, Chief, 504 Branch, Office of Financial Assistance, U.S. Small Business Administration, 409 Third Street SW., 8th Floor, Washington, DC 20416. SBA will post all comments on *http://www.regulations.gov.* If you wish to submit confidential business information

(CBI)as defined in the User Notice at *http://www.regulations.gov,* please submit the information to Linda Reilly, Chief, 504 Branch, Office of Financial Assistance, 409 Third Street SW., Washington, DC 20416, or send an email to *504refi@sba.gov.* 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: Linda Reilly at *linda.reilly@sba.gov* or 202-205-9949. SUPPLEMENTARY INFORMATION: I. Background Information The 504 Loan Program is an SBA financing program authorized under Title V of the Small Business Investment Act of 1958, 15 U.S.C. 695 *et seq.* The core mission of the 504 Loan Program is to provide long-term financing to small businesses for the purchase or improvement of land, buildings, and major equipment, in an effort to facilitate the creation or retention of jobs and local economic development. Under the 504 Loan Program, loans are made to small business applicants by Certified Development Companies (“CDCs”), which are certified and regulated by SBA to promote economic development within their community. In general, a project in the 504 Loan Program (a “504 Project”) includes: A loan obtained from a private sector lender with a senior lien covering at least 50 percent of the project cost; a loan obtained from a CDC (a “504 Loan”) with a junior lien covering up to 40 percent of the total cost (backed by a 100 percent SBA-guaranteed debenture); and a contribution from the Borrower of at least 10 percent equity. The Small Business Jobs Act of 2010 (Jobs Act), Public Law 111-240, 124 Stat. 2504, enacted on September 27, 2010, temporarily expanded the ability of a small business to use the 504 Loan Program to refinance certain qualifying debt. Prior to the Jobs Act, a 504 Project could include a refinancing component only if the project involved an expansion of the small business and the existing indebtedness did not exceed 50% of the project cost of the expansion. *See* 13 CFR 120.882(e). The temporary Jobs Act program authorized the use of the 504 Loan Program for the refinancing of debt where there is no expansion of the small business concern (the “Debt Refinancing Program”). The regulations governing this program are found at 13 CFR 120.882(g) (referred to herein as “Current Rules”). SBA's authority to guarantee loans under the Debt Refinancing Program expired on September 27, 2012. Section 521 of Division E of the Consolidated Appropriations Act, 2016 (the Act), Public Law 114-113, enacted on December 22, 2015, reauthorizes the Debt Refinancing Program with three modifications:

(1)The Act provides that the Debt Refinancing Program shall be in effect in any fiscal year during which the cost to the Federal Government of making guarantees under the Debt Refinancing Program and under the 504 Loan Program is zero;

(2)the Act requires that a CDC limit its financings under the 504 Loan Program so that, during any fiscal year, new financings under the Debt Refinancing Program do not exceed 50% of the dollars the CDC loaned under the 504 Loan Program during the previous fiscal year. The Act provides that this limitation may be waived upon application by a CDC and after determining that the refinance loan is needed for good cause; and

(3)the Act eliminates the alternate job retention goal authorized by the Jobs Act for the Debt Refinancing Program. As described in the section-by-section analysis below, this interim final rule modifies the Current Rules to conform the Debt Refinancing Program to the requirements of the Act. For an in-depth discussion of the Current Rules, please see the interim final rule and the final rule that were issued to implement the Debt Refinancing Program at 76 FR 9213 (February 17, 2011) and 76 FR 63151 (October 12, 2011). With this interim final rule, SBA invites comments from interested parties on all aspects of the Debt Refinancing Program. The “zero cost” requirement described in

(1)above is satisfied for Fiscal Year 2016. As announced in SBA Information Notice 5000-1352, effective September 28, 2015, “7(a) and 504 Fees Effective October 1, 2015,” the 504 Loan Program is operating at zero subsidy during Fiscal Year 2016, with a zero upfront fee and an annual guarantee fee of 91.4 basis points on the outstanding loan balance. To operate the Debt Refinancing Program at zero cost to the Federal Government during Fiscal Year 2016, SBA has determined that the Borrower must pay a supplemental annual guarantee fee of 4.4 basis points on the outstanding loan balance to cover the additional cost attributable to the refinancing, for a total annual guarantee fee of 95.8 basis points. The supplemental fee for the Debt Refinancing Program will be assessed and collected in the same manner as the current annual guarantee fee under 13 CFR 120.971(d)(2). Before the beginning of each new fiscal year, SBA will issue a similar notice indicating whether the Debt Refinancing Program will be in effect during the new fiscal year, in addition to any changes in the fees for 504 Loans. With the “zero cost” requirement satisfied for Fiscal Year 2016, SBA will begin to accept applications for assistance under the Debt Refinancing Program upon the effective date of this rulemaking, June 24, 2016. II. Section-by-Section Analysis Except as set forth below, all other sections of the Current Rules are unchanged. *Section 120.882(g) Introductory Text* . This section currently includes the application deadline for the Debt Refinancing Program. Since that date is no longer relevant, SBA is revising the introductory text in this section to remove the following phrase that is no longer applicable: “For applications received on or after February 17, 2011 and approved by SBA no later than September 27, 2012”. Also, with the permanent reauthorization of the Debt Refinancing Program by the Act, a specific application period is unnecessary. *Section 120.882(g)(3)* . In order to manage the limited resources that were available for the Debt Refinancing Program between 2010 and 2012, this section imposed a maturity date requirement on the debt to be refinanced that is no longer necessary. Accordingly, SBA is revising this section by removing this maturity date requirement. In its place, SBA is inserting the Act's requirement that, for the Debt Refinancing Program to be in effect during any fiscal year, the cost to the Federal government of making guarantees under the Debt Refinancing Program and under the 504 Loan Program must be zero subsidy. *Section 120.882(g)(10)* . The Jobs Act authorized an alternate job retention goal for the Debt Refinancing Program for Borrowers that did not meet the job creation and retention goals under sections 501(d) and

(e)of the Small Business Investment Act of 1958. The Act eliminates this alternate job retention goal and, accordingly, SBA is removing the alternate job retention goal provision from the regulations. With the elimination of the alternate job retention standard, all applicants for a loan under the Debt Refinancing Program will now be required to meet the job creation and retention goals under §§ 501(d) and (e). Based on these goals, a 504 Project, including a project financed under the Debt Refinancing Program, must achieve one of the economic development objectives set forth in 13 CFR 120.861 or 120.862. The revisions to § 120.882(g)(10) will reflect the Act's requirement that a CDC limit its financings under the Debt Refinancing Program so that, during any fiscal year (October 1 to September 30), new financings under the Debt Refinancing Program do not exceed 50% of the dollars loaned by the CDC under the 504 Loan Program during the previous fiscal year. In making this calculation, the dollars will be deemed loaned by the CDC on the date that the 504 loan application is approved, which is when SBA obligates the funds for the 504 Project. The dollars loaned will be calculated as of September 30 of each fiscal year, which will reflect any increases or decreases to the approved 504 loan amount that occurred within that fiscal year. Because the Act provides that the 50% limitation applies to the dollars loaned under the 504 Loan Program during the previous fiscal year, all financings made by the CDC during the previous fiscal year will be included in determining this number, including those financings made under the Debt Refinancing Program. As authorized by the Act, § 120.882(g)(10) will provide that the 50% limitation may be waived upon application by a CDC and a determination by SBA that the refinance loan is needed for good cause. SBA will provide guidance regarding the good cause determination in its Standard Operating Procedures or other guidance documents. *Section 120.882(g)(13).* This section prohibits the Third Party Loan from being sold on the secondary market as a part of a pool guaranteed under subpart J of part 120 when the debt being refinanced is same institution debt. Subpart J of part 120, the Secondary Market Guarantee Program for First Lien Position 504 Loan Pools, expired on September 23, 2012; however, should this program be reauthorized, SBA wants to ensure that this prohibition remains in effect. Accordingly, SBA is revising this provision to make it clear that the prohibition would apply to any successor to the program described in subpart J of part 120. *Section 120.882(g)(15) (Definition of “qualified debt”).* To meet the definition of “qualified debt”, paragraph

(vii)of this provision requires that the applicant be current on all payments due for not less than one year preceding the date of application. When SBA initially implemented the Debt Refinancing Program under the Jobs Act, it defined “current on all payments due” to mean that no payment scheduled to be made during the one year period was either deferred or more than 30 days past due. *See* 76 FR 9213 (February 17, 2011). In response to comments received, SBA revised this definition to mean that no payment was more than 30 days past due from either the original payment terms or modified payment terms (including deferments) “if such modification was agreed to in writing by the Borrower and the lender of the existing debt prior to the

(sic)October 12, 2011.” *See* 76 FR 63151 (October 12, 2011). This date was the effective date of the final rule for the Debt Refinancing Program under the Jobs Act, and was intended to ensure that no debt that was modified after the definition was revised would be refinanced under the program. SBA also reserved the right to determine, at its discretion on a loan-by-loan basis, whether modified repayment terms would preclude refinancing under the program. The October 12, 2011 date is no longer relevant after the expiration of the Debt Refinancing Program in 2012, and SBA is removing it from the rules. However, SBA believes that a debt should not be considered “current on all payments due for not less than one year preceding the date of application” if the payment terms were modified during the one year period. Accordingly, SBA is revising this provision to require that the modification must have been agreed to in writing by the Borrower and the lender of the existing debt no less than one year preceding the date of application. As under the Debt Refinancing Program under the Jobs Act, SBA reserves the right to determine, at its discretion on a loan-by-loan basis, whether modified repayment terms would preclude refinancing under the program. III. Justification for Publication as Interim Final Rule In general, before issuing a final rule, SBA publishes the rule for public comment in accordance with the Administrative Procedure Act (APA), 5 U.S.C. 553. The APA provides an exception to this standard rulemaking process where the agency finds good cause to adopt a rule without prior public participation. 5 U.S.C. 553(c)(3)(B). The good cause requirement is satisfied when prior public participation can be shown to be impracticable, unnecessary, or contrary to the public interest. Under such circumstances, an agency may publish an interim final rule without soliciting public comment. In enacting the good cause exception to standard rulemaking procedures, Congress recognized that emergency and other situations arise where an agency can issue a rule without public participation. With regard to the Debt Refinancing Program, SBA finds that good cause exists to publish this rule as an interim final rule for two reasons. First, the public has already had the opportunity to comment on the rules implementing the Debt Refinancing Program and this interim final rule simply modifies these rules to conform the Debt Refinancing Program to the requirements of the Act. Second, in order to meet the immediate debt refinancing needs of small businesses, it is essential to be able to implement the Debt Refinancing Program as expeditiously as possible. According to data presented to the Federal Open Market Committee before its January 2016 meeting, there is a concerning trend toward tighter credit sentiment by bank officers since the Debt Refinancing Program expired in 2012. The combination of tighter credit sentiment and the recent increase in interest rates has made it increasingly difficult for small businesses to find lenders willing to refinance small business commercial loans. The Debt Refinancing Program will fill that gap by providing an affordable refinancing product that lenders and the small business community are eagerly awaiting. Although this rule is being published as an interim final rule, comments are solicited from interested members of the public. These comments must be submitted on or before the deadline for comments stated in this rule. The SBA will consider any comments it receives and the need for making any amendments as a result of the comments. Compliance With Executive Orders 12866, 12988, 13132, and 13563, the Paperwork Reduction Act (44 U.S.C., Ch. 35), and the Regulatory Flexibility Act (5 U.S.C. 601-612) Executive Order 12866 The Office of Management and Budget has determined that this rule does not constitute a “significant regulatory action” under Executive Order 12866. This rule is also not a major rule under the Congressional Review Act. Executive Order 12988 This action meets applicable standards set forth in sections 3(a) and 3(b)(2) of Executive Order 12988, Civil Justice Reform, to minimize litigation, eliminate ambiguity, and reduce burden. The action does not have preemptive effect or retroactive effect. Executive Order 13132 This rule does not have federalism implications as defined in Executive Order 13132. It 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 levels of government, as specified in the Executive Order. As such it does not warrant the preparation of a Federalism Assessment. Executive Order 13563 The Consolidated Appropriations Act, 2016, reauthorizes the Debt Refinancing Program, which was first authorized by the Jobs Act. The Agency received significant public comments on the interim final rule that was issued to implement this program ( *see* 76 FR 9213, February 17, 2011). SBA considered and discussed these comments in the final rule that was published in the **Federal Register** on October 12, 2011 (76 FR 63151). To assist in developing that interim final rule, the Agency also held a public forum on November 17, 2010 in Boston, Massachusetts. Except for the modifications to the Debt Refinancing Program made by the Act, the Agency is not making any other substantive changes to the Current Rules, codified at 13 CFR 120.882(g), in this interim final rule. Paperwork Reduction Act In order to re-establish the Debt Refinancing Program, SBA has determined that it is necessary to also modify two existing collections of information (OMB Control Number 3245-0071, *Application for Section 504 Loans* and OMB Control Number 3245- 0346, *PCLP Quarterly Loan Loss Reserve Report and PCLP Guarantee Request* ) to include the requirements to apply for and report on debt refinancing loans. These requirements were previously part of these collections but were removed following expiration of the temporary Debt Refinancing Program in 2012. OMB has approved the revised collections on an emergency basis to enable SBA to move forward with re-establishing the Debt Refinancing Program as expeditiously as possible. The Paperwork Reduction Act requires agencies to follow the standard approval process following receipt of an emergency approval. In light of that requirement, SBA will also publish the required notices in the **Federal Register** to solicit comments from the public on the revised forms and will subsequently resubmit the collections of information to OMB for final review and approval. Any changes to the collection of information as a result of the comments will be reflected in that submission. *Regulatory Flexibility Act* Because this rule is an interim final rule, there is no requirement for SBA to prepare a Regulatory Flexibility Act

(RFA)analysis. The RFA requires administrative agencies to consider the effect of their actions on small entities, including small non-profit businesses, and small local governments. Pursuant to the RFA, when an agency issues a rule, the agency must prepare an analysis that describes whether the impact of the rule will have a significant economic impact on a substantial number of these small entities. However, the RFA requires such analysis only where notice and comment rulemaking is required. As discussed above, SBA has determined that there is good cause to publish this rule without soliciting public comment. This rule is, therefore, exempt from the RFA requirements. List of Subjects in 13 CFR Part 120 Loan programs—business, Small businesses, Reporting and recordkeeping requirements. For the reasons stated in the preamble, SBA amends 13 CFR part 120 as follows: PART 120—BUSINESS LOANS 1. The authority citation for part 120 is revised to read as follows: Authority: 15 U.S.C. 634(b)(6), (b)(7), (b)(14), (h), and note, 636(a),

(h)and (m), 650, 687(f), 696(3), and 697(a) and (e); Public Law 111-5, 123 Stat. 115, Public Law 111-240, 124 Stat. 2504; Public Law 114-113, 129 Stat. 2242. 2. Amend § 120.882 by revising paragraph

(g)introductory text, paragraphs (g)(3), (g)(10), (g)(13), and the second sentence of paragraph

(vii)in the definition of “Qualified debt” in paragraph (g)(15)(vii) to read as follows: § 120.882 Eligible project costs for 504 loans.

(g)SBA may approve a Refinancing Project of a qualified debt subject to the following conditions and requirements:

(3)The cost to the Federal Government of making guarantees under this subsection

(g)and under section 503 of the Small Business Investment Act of 1958 (15 U.S.C. 697) during the fiscal year in which the guarantee is made is zero;

(10)A CDC must limit the amount of its loans under this paragraph

(g)so that, during any Federal fiscal year, the amount of the new loans approved under this paragraph

(g)does not exceed 50% of the total dollar amount of the CDC's 504 loans approved (including the loans approved under this paragraph (g)) during the previous fiscal year. This limitation may be waived upon application by the CDC and upon a determination by SBA that the refinance loan is needed for good cause.

(13)The Third Party Loan may not be sold on the secondary market as a part of a pool guaranteed under subpart J of this part, or any successor to this program, when the debt being refinanced is same institution debt;

(15)* * * *Qualified debt* * * *

(vii)* * * For the purposes of this paragraph (vii), “current on all payments due” means that no payment was more than 30 days past due from either the original payment terms or modified payment terms (including deferments) if such modification was agreed to in writing by the Borrower and the lender of the existing debt no less than one year preceding the date of application. * * * Maria Contreras-Sweet, Administrator. [FR Doc. 2016-12447 Filed 5-23-16; 4:15 pm]

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