Negative financial impact definition
Negative financial impact means a substantial loss of income resulting from circumstances necessitating a proclamation of a state of emergency and catastrophic health emergency. It includes, with respect to an individual, (1) job loss; (2) reduction in compensated hours of work; (3) closure of the place of employment; and (4) the need to miss work in order to care for a child who is engaged in virtual learning, as specified. With respect to a business entity, “negative financial impact” includes (1) loss or reduction in business; (2) required closure; and (3) loss of employees, whether temporary or permanent.