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The CC&Rs might provide some monetary fine the HOA may levy for violations. Even if it doesn’t have that and it cannot show actual damages, it could still sue for an injunction to prohibit you from continuing the offending activity. Then if you violate the injunction the court can impose monetary penalties or even jail you for contempt of court.

Note that the issue will be what was intended by the parties in adopting the term “trade or business.” If the case is tried to a jury, it would end up being the jury that decides it, not the judge.
I just cringe at the idea of an HOA spending the money to go to trial over an issue where its not clear that the homeowner is operating a trade or business. That is just crazy. As a member of an HOA I wouldn't want its money being spent so foolishly. But then, I will never live in a neighborhood with an HOA.