$200 Million Available for Small Businesses Affected by COVID-19

Tennessee Governor Bill Lee, Lt. Gov. Randy McNally, House Speaker Cameron Sexton, and the Financial Stimulus Accountability Group announced a new relief program for Tennessee businesses affected by the COVID-19 pandemic. The Tennessee Business Relief Program will direct approximately $200 million in federal Coronavirus Relief Funds through the Department of Revenue directly to small businesses that qualify. The Tennessee Business Relief Program amounts awarded will be based on the annual gross sales of the business. More details will be posted on the Department of Revenue’s website in the coming days. Roughly 28,000 Tennessee businesses are expected to qualify, with more than 73% of those businesses earning 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.”