Agenda - Council - 09/13/2022 - Laserfiche WebLink

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(2) Is a small business concern as defined in section 3 of the Small Business Act (15 U.S.C. 632). Specifically, the interim final rule provided that recipients may provide assistance to small businesses to adopt safer operating procedures, weather periods of closure, or mitigate financial hardship resulting from the COVID-19 public health emergency, including: • Loans or grants to mitigate financial hardship such as declines in revenues or impacts of periods of business closure; • Loans, grants, or in -kind assistance to implement COVID-19 prevention or mitigation tactics; and • Technical assistance, counseling, or other services to assist with business planning needs. The interim final rule further provided that recipients may consider additional criteria to target assistance to businesses in need, including small businesses. Such criteria may include businesses facing financial insecurity, substantial declines in gross receipts (e.g., comparable to measures used to assess eligibility for the Paycheck Protection Program), or other economic harm due to the pandemic, as well as businesses with less capacity to weather financial hardship, such as the smallest businesses, those with less access to credit, or those serving underserved communities. The interim final rule also indicated that recipients should consider local economic conditions and business data when establishing such criteria. Finally, the interim final rule posed a question on whether there are other services or costs that Treasury should consider as eligible uses to respond to the disproportionate impacts of COVID-19 on low-income populations and communities. Final Rule Structure: Consistent with the interim final rule approach, the final rule provides a non -exhaustive list of enumerated eligible uses for assistance to small businesses that 145