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I recall many small business owners panicking when this requirement seemed to sneak up on them.

Wasn't the purpose of it to aid in mitigating certain types of fraud, like with Covid-19 PPP loans and Medicare?

Supposedly, but there was scant information about the what/why and small businesses were told compliance was mandatory and failure to comply would have been a felony (if memory serves). This is phenomenal news if you're an SMB. That would have caused a lot of grief for those unaware (most people were because rollout was slipshod at best).
The cost was filling out a form. Maybe you had to photocopy your ID.

And if I recall correctly it was only a felony to refuse to comply. The government sent letters that had to be ignored, etc.