§ 17-02 — Definitions

§ 17-02 Definitions.

As used in this chapter, the following terms have the following meanings: Applicant. "Applicant" means a commercial business that is applying for this grant. Application. "Application" means a written request in a form satisfactory to DSBS, supplemented by all requested supporting documents, made by an applicant to DSBS to determine the eligibility of an applicant for a grant. Business. "Business" means a sole proprietorship, partnership, corporation, or other legal entity involved in the sale of goods or services directly to the public from a physical location in the City. City. "City" means the City of New York. DSBS. "DSBS" means the Department of Small Business Services or its successor. Grant. "Grant" means one or more disbursements from the NYC Small Business COVID Recovery Grant Program to an applicant. LMI Small Business. "LMI small business" means a small business that physically operates from a census tract determined to be low-to-moderate income by the United States Department of Housing and Urban Development (HUD). Small Business. "Small business" means a business concern or other organization that: (1) Has no more than 500 employees, or if applicable, the size standard in number of employees established by the federal Administrator of the Small Business Administration for the industry in which the business concern or organization operates, and (2) Is a small business concern as defined in section 3 of the Small Business Act (15 U.S.C. § 632). (Added City Record 9/17/2021, eff. 9/17/2021)