Federal Register / Vol. 87, No. 63 / Friday, April 1, 2022 / Notices 19165 

47 17 CFR 240.19b–4(f)(6)(iii). 

48For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule change’s impact on efficiency, 

competition, and capital formation. See 15 U.S.C. 

78c(f). 49 17 CFR 200.30–3(a)(12). 

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

Rule 19b–4(f)(6)(iii), the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

this proposed rule change may become 

operative immediately upon filing. In 

addition, Rule 19b–4(f)(6)(iii) 47 requires 

a self-regulatory organization to give the 

Commission written notice of its intent 

to file a proposed rule change under that 

subsection at least five business days 

prior to the date of filing, or such 

shorter time as designated by the 

Commission. The Exchange has 

provided such notice. 

Waiver of the 30-day operative delay 

would allow the Exchange to implement 

proposed changes to its Continuing 

Education Rules by March 15, 2022 to 

coincide with one of FINRA’s 

announced implementation dates, 

thereby eliminating the possibility of a 

significant regulatory gap between the 

FINRA and the Exchange rules, 

providing more uniform standards 

across the securities industry, and 

helping to avoid confusion for Members 

of the Exchange that are also FINRA 

members. For this reason, the 

Commission believes that waiver of the 

30-day operative delay for this proposal 

is consistent with the protection of 

investors and the public interest. 

Accordingly, the Commission hereby 

waives the 30-day operative delay and 

designates the proposal operative upon 

filing.48

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CboeBYX–2022–006 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–CboeBYX–2022–006. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–CboeBYX–2022–006 and 

should be submitted on or before April 

22, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.49

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–06852 Filed 3–31–22; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Docket No. SBA–2022–0002] 

Community Advantage Pilot Program 

AGENCY: Small Business Administration. 

ACTION: Notice; request for comments. 

SUMMARY: To support the Small 

Business Administration’s (‘‘SBA’’ or 

‘‘Agency’’) commitment to expanding 

access to capital for eligible small 

businesses in underserved markets and 

to refine and improve the Community 

Advantage (‘‘CA’’) Pilot Program, the 

purpose of which is increasing 7(a) 

loans to small business in underserved 

markets, SBA is issuing this notice to 

extend the term of the CA Pilot Program 

through September 30, 2024, and to 

remove the temporary moratorium on 

the SBA’s acceptance of new 

Community Advantage Lender 

Participation Applications (‘‘CA Lender 

Applications’’). 

DATES: The changes identified in this 

notice take effect April 1, 2022. SBA 

will begin accepting new CA Lender 

Participation Applications May 2, 2022. 

The CA Pilot Program will remain in 

effect until September 30, 2024. 

Comment Date: Comments must be 

received on or before May 2, 2022. 

ADDRESSES: You may submit comments, 

identified by SBA docket number SBA– 

2022–0002, by any of the following 

methods: 

• Federal eRulemaking Portal: 

https://www.regulations.gov/. Follow 

the instructions for submitting 

comments. 

• Mail: Darrel Eddingfield, Office of 

Financial Assistance, U.S. Small 

Business Administration, 409 Third 

Street SW, Washington, DC 20416. 

• Hand Delivery/Courier: Darrel 

Eddingfield, Office of Financial 

Assistance, U.S. Small Business 

Administration, 409 Third Street SW, 

Washington, DC 20416. 

SBA will post all comments on 

https://www.regulations.gov. 

If you wish to submit confidential 

business information (‘‘CBI’’) as defined 

in the User Notice at https://

www.regulations.gov, please submit the 

information to Darrel Eddingfield, 

Office of Financial Assistance, U.S. 

Small Business Administration, 409 

Third Street SW, Washington, DC 

20416; or send an email to 

communityadvantage@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 as to whether it will 

publish the information. 


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19166 Federal Register / Vol. 87, No. 63 / Friday, April 1, 2022 / Notices 

1The exception is FY 2019, where the number of 

CA Lenders making a CA loan remained constant 

at 75. 

FOR FURTHER INFORMATION CONTACT: 

Darrel Eddingfield, Office of Financial 

Assistance, U.S. Small Business 

Administration, 409 Third Street SW, 

Washington, DC 20416; telephone: (202) 

516–6676; email: darrel.eddingfield@

sba.gov. 

SUPPLEMENTARY INFORMATION: 

1. Background 

As part of its efforts to increase the 

number of SBA-guaranteed 7(a) loans 

made to small businesses in 

underserved markets, on February 18, 

2011, SBA issued a notice and request 

for comments introducing the CA Pilot 

Program (76 FR 9626). That notice 

provided an overview of the CA Pilot 

Program requirements and, pursuant to 

the authority provided to SBA under 13 

CFR 120.3 to suspend, modify or waive 

certain regulations in establishing and 

testing pilot loan initiatives, SBA 

modified or waived as appropriate 

certain regulations which otherwise 

apply to 7(a) loans for the CA Pilot 

Program. 

Subsequent notices made changes to 

the CA Pilot Program to improve the 

program experience for participants, 

improve their ability to deliver capital 

to underserved markets, and 

appropriately manage risk to the 

Agency. These notices were issued on 

the following dates: September 12, 2011 

(76 FR 56262), February 8, 2012 (77 FR 

6619), November 9, 2012 (77 FR 67433), 

December 28, 2015 (80 FR 80872), 

September 12, 2018 (83 FR 46237), 

March 2, 2020 (85 FR 12369), and July 

15, 2020 (85 FR 42964). In the notice 

published September 12, 2018 (the 

‘‘September 2018 Notice’’), SBA 

extended the pilot program to 

September 30, 2022, and implemented a 

temporary moratorium on the 

acceptance of new Community 

Advantage Lender Participation 

Applications (‘‘CA Lender 

Applications’’) effective October 1, 

2018, among other changes to the CA 

Pilot Program. This Notice announces 

SBA’s intention to extend the CA Pilot 

Program through September 30, 2024, 

and to remove the temporary 

moratorium on the acceptance of new 

CA Lender Applications. This extension 

and the acceptance of new CA Lenders 

will enable SBA to better evaluate the 

impact of the CA Pilot Program. As 

indicated in prior Federal Register 

Notices, SBA will evaluate the CA Pilot 

Program to refine the program and to 

determine whether it should be made 

permanent, with evaluation criteria 

including, but not limited to, whether 

the pilot is achieving its objective(s), 

impact on job creation and retention, 

impact on business creation and/or 

business expansion, whether the costs 

(including losses) of the pilot are within 

an acceptable range, and portfolio 

performance as it relates to other 7(a) 

programs. SBA will consider additional 

program enhancements to streamline 

the process for mission-based Lenders to 

make loans in underserved markets. 

Further, SBA will examine data to 

evaluate the effectiveness of adding new 

CA Lenders towards the outcome of 

increasing loan approval volume to 

small businesses in underserved 

markets. Effective 30 days from the date 

of this Notice, SBA will accept new CA 

Lender Applications using SBA Form 

2301, Community Advantage Lender 

Participation Application (https://

www.sba.gov/document/sba-form-2301- 

community-advantage-lenderparticipation-application). Additional 

guidance may be found in the 

Community Advantage Participant 

Guide (https://www.sba.gov/document/ 

support-community-advantageparticipant-guide). 

2. Comments 

Although the changes take effect April 

1, 2022, comments are solicited from 

interested members of the public on all 

aspects of the CA Pilot Program. 

Comments must be submitted on or 

before the deadline for comments listed 

in the DATES section. SBA will consider 

these comments and the need for 

making any revisions as a result of these 

comments. 

3. Changes to the Community 

Advantage Pilot Program—Lifting the 

Moratorium on Acceptance of New CA 

Lender Applications 

SBA stated in the September 2018 

Notice that it limited the number of 

lenders participating in the CA Pilot 

Program to allow the Agency to test new 

methods for expanding access to capital 

for small businesses in underserved 

markets. Each year since FY 2018, the 

number and dollar amount of CA loans 

approved and number of CA Lenders 

making a loan during the fiscal year has 

decreased.1 In FY 2018, 1,118 CA loans 

totaling $157,529,500 were approved by 

75 CA Lenders. In FY 2021, 565 CA 

loans totaling $82,834,100 were 

approved by 64 CA Lenders. As of 

March 9, 2022, which is nearly halfway 

through FY 2022, 260 CA loans totaling 

$38,104,200 were approved by 46 CA 

Lenders. Additionally, of the 108 total 

CA Lenders approved to participate in 

the program, only 96 CA Lenders have 

any outstanding CA loans in their 

portfolio. Based on this analysis, the 

Agency has determined that the CA 

Pilot Program is not reaching its goal of 

providing capital to small businesses in 

underserved markets due to the small 

number of CA loans being made. 

Therefore, the Agency is lifting its 

moratorium on accepting new CA 

Lender Applications in order to increase 

the number of active CA Lenders 

making CA loans. 

The extension of the CA Pilot Program 

through September 30, 2024, and the 

acceptance of new CA Lenders will 

enable SBA to better evaluate the impact 

of the CA Pilot Program. SBA will 

evaluate the CA Pilot Program to refine 

the program and to determine whether 

it should be made permanent, with 

evaluation criteria including, but not 

limited to, whether the pilot is 

achieving its objective(s), impact on job 

creation and retention, impact on 

business creation and/or business 

expansion, whether the costs (including 

losses) of the pilot are within an 

acceptable range, and portfolio 

performance as it relates to other 7(a) 

programs. 

4. General Information 

The changes in this notice are limited 

to the CA Pilot Program only. All other 

SBA Loan Program Requirements and 

regulatory waivers or modifications 

related to the CA Pilot Program remain 

unchanged. 

SBA has provided more detailed 

guidance in the form of a Participant 

Guide, which will be updated to reflect 

these changes and will be available on 

SBA’s website at http://www.sba.gov. 

SBA may provide additional guidance, 

through SBA notices, which may also be 

published on SBA’s website at http://

www.sba.gov/category/lendernavigation/forms-notices-sops/notices. 

Questions regarding the CA Pilot 

Program may be directed to the local 

SBA district office. The local SBA 

district office may be found at http://

www.sba.gov/about-offices-list/2. 

Authority: 15 U.S.C. 636(a)(25) and 13 

CFR 120.3. 

Isabella Guzman, 

Administrator. 

[FR Doc. 2022–06919 Filed 3–31–22; 8:45 am] 

BILLING CODE 8026–03–P 


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