during the taxable year does not exceed 500. (d) Small business emergency savings account For purposes of this section— (1) In general The term small business emergency savings account means a trust created or organized in the United States as a small business emergency savings account exclusively for the purpose of paying the qualified disaster and public health emergency expenses of the account beneficiary, but only if the written governing instrument creating the trust meets the following requirements: (A) Except in the case of a rollover contribution described in subsection (f)(5), no contribution will be accepted unless it is in cash. (B) The trustee is a bank (as defined in section 408(n)), an insurance company (as defined in section 816), or another person who demonstrates to the satisfaction of the Secretary that the manner in which such person will administer the trust will be consistent with the requirements of this section. (C) No part of the trust assets will be invested in life insurance contracts. (D) The assets of the trust will not be commingled with other property except in a common trust fund or common investment fund. (E) The interest of account beneficiary in the balance in the account is nonforfeitable. (2) Qualified disaster and public health emergency expenses The term qualified disaster and public health emergency expenses means— (A) disaster loss replacement expenses, (B) disaster recovery operations expenses, and (C) public health emergency expenses. (3) Disaster loss replacement expenses The term disaster loss replacement expenses means any expense paid or incurred in the ordinary course of a trade or business of the eligible business to replace or repair casualty losses totaling $3,000 or more resulting from a federally declared disaster. (4) Disaster recovery operations expenses The term disaster recovery operations expenses means the following amounts if paid or incurred in the ordinary course of a trade or business of the eligible business while the declaration with respect to a