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Treasury publishes first SSBCI FAQs
Yesterday, Treasury released the first clarifications for its State Small Business Credit Initiative (SSBCI) guidance. These frequently asked questions (FAQs) are intended to help states understand the program rules as they prepare their applications by the Feb. 11, 2022 deadline. The primary clarifications to rules affecting investment programs relate to how Treasury will define a “venture capital fund” and that states will most likely not be able to use SSBCI funds to become limited partners in funds that have already closed. Several high-priority issues, including how states will define a company location and the timing of “socially disadvantaged” business determinations, remain unaddressed.