Reporting and Recordkeeping Requirements Under OMB Review
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This notice impacts small businesses and their advisors by requiring detailed reporting on counseling and training activities. The Small Business Administration is seeking public comment on how to improve these reporting requirements to reduce the burden on businesses.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Detailed reporting required for SBA counseling and training activities
- Public comments invited to improve data collection
- Use of OMB's online platform for comment submission
Obligations
What this law requires
SBA counseling and training grant award recipients must collect information on SBA Form 641 (Counseling Information Form) from each small business or prospective small business that receives one-on-one counseling or advising
SBA counseling and training grant award recipients must collect information on SBA Form 888 (Management Training Report) for each group training session
SBA Resource Partners must submit counseling and training information collected on Forms 641 and 888 to SBA via the Nexus system
Members of the public may submit comments on the information collection request on or before May 14, 2026 to www.reginfo.gov/public/do/PRAMain
Commenters must address whether the information collection is necessary for proper performance of SBA functions and has practical utility when submitting comments