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The figure below illustrates the reduction in revenue for the hypothetical recipient <br />calculated in accordance with the methodology. <br />140 <br />130 <br />120 <br />110 <br />100 <br />90 <br />80 <br />• Jun-19 <br />Actual Revenue <br />Extent of reduction in revenue <br />=Base year revenue <br />+Counterfactual revenue <br />Dec-20 <br />Dec-21 <br />Dec-22 <br />Dec-23 <br />Finally, as explained in greater detail below, the clear meaning of the statutory phrase <br />"due to the COVID-19 public health emergency" is that it is referring to revenue reductions <br />caused by the public health emergency. As such, it does not include revenue reduced for reasons <br />other than the public health emergency. Treasury in the interim final rule presumed that any <br />reduction in revenue relative to the counterfactual estimate would be considered revenue lost due <br />to the pandemic and thereby relieved recipients of the administrative burden of determining the <br />extent to which reduction in revenue was due to the public health emergency. The calculation <br />methodology in the interim final rule implicitly assumed that recipients did not suffer a loss in <br />revenue due to the public health emergency if they did not experience a reduction in aggregate <br />238 <br />