Revolving Loan Fund Program Changes and General Updates to PWEDA Regulations

The Economic Development Administration ("EDA"), U.S. Department of Commerce ("DOC"), is issuing this final rule amending the agency's regulations implementing the Public Works and Economic Development Act of 1965, as amended ("PWEDA"). The changes incorporate current best practices and strengthen EDA's efforts to evaluate, monitor, and improve performance within the agency's Revolving Loan Fund ("RLF") program by establishing the Risk Analysis System, a risk-based management framework, to evaluate and manage the RLF program. To make RLF awards more efficient for Recipients to administer and EDA to monitor, EDA is also reorganizing the RLF regulations and making changes to improve readability and clarify those requirements that apply to the distinct phases of an RLF award. In addition, EDA is updating other parts of its regulations, including revising definitions, replacing references to superseded regulations to reflect the promulgation of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"), streamlining the provisions that outline EDA's application process, and clarifying EDA's property management regulations.