More than 28,000 stores, restaurants, salons and other small businesses hurt by the coronavirus in Tennessee will qualify for a new business relief program the state is launching with a portion of its federal stimulus funds.
Gov. Bill Lee said the $200 million program, which is being paid for from part of the federal funds Tennessee received through the CARES ((Coronavirus Aid, Relief, and Economic Security) Act, will offer direct aid to qualified small businesses in the hardest hit hospitality, retail and service industries.
The Tennessee Department of Revenue, which is administering the new program, is yet to announce details about the aid package. But Gov. Lee and state lawmakers agreed to set a side the money and target the funds for particular businesses affected by business shutdowns, lower sales and lost business over the past three months.
“The COVID-19 pandemic has created immense economic pain across our state and especially among small businesses that faced temporary closure,” Lee said in an announcement of the new program. “As we responsibly steward our federal stimulus money we have worked to quickly prioritize our small businesses and I thank the work of the Financial Stimulus Accountability Group for their partnership in this.”
The Tennessee Business Relief Program amounts awarded will be based on the annual gross sales of the business and state officials said more than 73% of those businesses earning annual gross sales of $500,000 or less. More details will be posted on the Department of Revenue’s website in the coming days.