Tennessee is expanding its financial relief program for small businesses hurt by the coronavirus pandemic this spring.
Gov. Bill Lee said Friday the state will use another $83.5 million from the state’s share of the federal Coronavirus Relief Fund to provide grants of up to $30,000 each for any small business, tourist attraction or farm-relate business that has suffered lost business and income due to the the COVID-19 virus.
To help more small businesses survive the economic downturn and government-imposed business closings caused by the pandemic, Lee said the state is extending its state assistance program to include businesses with less than $10 million in annual gross sales along with retail businesses which experienced a 25% reduction in sales in the month of April.
“The COVID-19 pandemic has placed enormous strain on businesses and industries of all types,” said Gov. Lee. “We’ll continue to distribute federal resources prudently to address the pressing needs of Tennessee businesses to get our economy back on track.”
The Financial Stimulus Accountability Group agreed to set aside the extra funds for small business beyond the initial $200 million allotment for the businesses hurt by the pandemic in Tennessee. State officials estimate over 33,000 small businesses could be eligible for the latest round of assistance.