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Treasury releases SSBCI guidance
The U.S. Department of the Treasury released long-awaited guidance on the new implementation of the State Small Business Credit Initiative (SSBCI). The rules provide preliminary guidance to states, territories and Tribal governments on permissible uses of $9.3 billion in funds to support small business capital access. SSBCI 2.0, which was authorized by the American Rescue Plan Act, provides $2.5 billion of the total for businesses owned and controlled by socially- and economically-disadvantaged individuals — these rules are the first time Treasury has defined these businesses. Treasury is expected to release additional guidance and clarifications in the coming weeks, and SSTI is working with our members to interpret the guidance and determine how the rules will affect optimal SSBCI strategies going forward.
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