Gov. Lee announces $200 million relief program for small businesses affected by COVID-19

Tennessee Governor Bill Lee and other state legislatures announced a new relief program for small businesses in the state that have been affected by the COVID-19 pandemic.

According to a news release from the office of the governor, the Tennessee Business Relief Program directs about $200 million in federal Coronavirus Relief Funds directly to qualifying small businesses.

“The COVID-19 pandemic has created immense economic pain across our state and especially among small businesses that faced temporary closure,” said Governor Lee. “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.”

Funds will be awarded based on the annual gross sales of the qualifying businesses.

An estimated 28,000 businesses are expected to qualify, and more than 73% of the qualifying businesses have annual gross sales of $500,000 or less.

“Our small businesses drive our local and statewide economies, and their success is critical to our continued, swift economic recovery from the COVID-19 pandemic,” said Tennessee House Speaker Cameron Sexton (R-Crossville). “I am pleased to join with Rep. Marsh, Rep. Love and members of the Financial Accountability Group to support all those businesses who have been adversely affected by these extraordinary circumstances through this program so they remain successful.”

The following types of businesses are eligible for funds:

Barber shops
Beauty shops
Nail salons
Tattoo parlors, spas, and other personal care services
Gyms and fitness centers
Restaurants
Bars
Hotels and other travel accommodations
Theaters, auditoriums, performing arts centers and similar facilities
Museums, zoos, and other similar attractions
Amusement parks
Bowling centers and arcades
Marinas
Amusement, sports and recreational industries
Promoters of performing arts, sports, and similar events
Agents and managers of artists, athletes, and entertainers
Independent artists, writers, and performers

Additionally, the following small businesses will be eligible to be awarded funds if their sales were reduced by at least 25%, as shown on their April sales tax returns: