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Nashville, TN – Aug. 14, 2020 – Tennessee Governor Bill Lee and the Financial Stimulus Accountability Group announced today new and expanded financial relief programs for small businesses, agribusinesses, displaced workers, and the tourism industry through the federal Coronavirus Relief Fund (CRF). The Tennessee Small Business Relief Program will expand to include additional industries adversely impacted by reductions in commercial activity in April, with $83.5 million added to the program’s initial $200 million allotment.
“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.”
Expansion of Tennessee Small Business Relief Program - $83,517,500
The Tennessee Small Business Relief Program will expand to include additional businesses provided they have less than $10 million in annual gross sales and fall within an industry impacted by executive order limitations on activities, gatherings, and other non-essential businesses and activities; or a retail industry that experienced a 25% reduction in taxable sales in the month of April due to the public health emergency.
In addition to the original list of eligible businesses, below are the categories of small businesses that will be eligible under this expansion:
The expansion list will also include, among others, the following businesses that are now eligible if their sales were reduced by at least 25%, as shown on their April sales tax returns (filed in May):
A full list of and instructions for eligible businesses will be available from the Tennessee Department of Revenue.
Agriculture and Forestry Economic Relief - $50 million
The Tennessee Department of Agriculture will establish an economic support program for agricultural businesses and forestry businesses to help ensure stability of the food supply chain and agribusiness economy. The department will accept applications for funding between Aug. 17-31 to make grant awards the week of Sept. 14.
Tourism Industry Recovery Support - $25 million
The Tennessee Department of Tourist Development will utilize $25,000,000 from the CRF to remarket and support the State’s tourism industry recovery from the public health emergency. Of the total funding, $15,000,000 will be directly designated for destination marketing organizations (DMOs) in all 95 counties.
Workforce Development - $9.5 million
Tennessee will allocate $7.5 million to two established workforce development programs: Reemployment Service and Eligibility Assessment (RESEA) Program Expansion and Career and Training Services, and $2 million to the Department of Labor and Workforce Development’s Virtual American Jobs Center. These funds will provide reemployment services to a proposed 17,000 participants to return them to gainful, sustainable employment.
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