Tennessee businesses affected by the COVID-19 pandemic can soon receive extra financial help from the state.
Gov. Bill Lee announced this morning that the state will dole out approximately $200 million in federal funds to small businesses in need, through the Tennessee Business Relief Program.
“The COVID-19 pandemic has created immense economic pain across our state and especially among small businesses that faced temporary closure,” Lee said in a statement. “As we responsibly steward our federal stimulus money we have worked to quickly prioritize our small businesses.”
Grants will be available based on the amount of money a business earns in sales each year, with a cap of $500,000. The governor’s office says about 28,000 businesses across the state are expected to qualify.
Eligible businesses include barbershops, nail salons, tattoo parlors, gyms, restaurants, bars, hotels, theaters, museums, zoos amusement parks, arcades and bowling studios. Independent artists, event promoters and entertainment agents are also allowed to apply.
Other small businesses, such as furniture, clothing, jewelry, sporting goods and book stores are also eligible, if their sales dropped by at least 25% in April.
“While the COVID-19 crisis started as a public health crisis, the economic crisis it triggered is in some ways even more devastating. The burden the virus has placed on small businesses has been substantial,” Lt. Gov. Randy McNally said in a statement. “Our recovery from this economic disruption will be a slow process. But without small business, it doesn’t happen at all.”
Small businesses interested in applying can find more information on the Tennessee Department of Revenue’s website.
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