; (7) the absence of resources for vulnerable small businesses that cannot access programs of the Administration will undoubtedly leave many of them to fail; and (8) a new source of Federal support is necessary to help businesses that have no other place to turn. 3. Purpose The purpose of this Act is to mitigate economic injury to small business concerns and stabilize the United States economy by strengthening the loan, investment, procurement assistance, and management education programs of the Administration and by establishing a new grant program at the Administration for the small business concerns hardest hit by COVID–19. 4. Definitions In this Act— (1) the term Administration and Administrator mean the Small Business Administration and the Administrator thereof; and (2) the term small business concern has the meaning given the term in section 3 of the Small Business Act ( 15 U.S.C. 632 ). 5. Economic injury grants for small business concerns (a) Purpose The purpose of this section is to— (1) make grants available to small business concerns affected by COVID–19 that lack access to credit through the existing disaster loan program of the Administration; and (2) ensure resources are available for vulnerable small business concerns that are unlikely to survive without a new source of Federal support. (b) Definition of eligible small business concern The term eligible small business concern means a small business concern that— (1) meets the applicable size standard established under section 3 of the Small Business Act ( 15 U.S.C. 632 ); (2) has not less than 2 employees and not more than 50 employees; (3) due to the effects of COVID–19, suffered— (A) a loss of revenue in 1 month greater than 50 percent as compared to the same month in the previous year; or (B) in the case of a business concern that has been in operation for not less than 4 months, a loss of revenue in 1 month greater than 50 percent as compared to the average of the 3 previous months