The State of Tennessee is making $200 million available for small businesses through the Tennessee Business Relief Program. The relief funds are intended for businesses that suffered during the mandatory business closures in the midst of COVID-19 shutdowns.
More details are to come, but the relief program anticipates about 28,000 Tennessee small businesses to qualify, with more than 73% of those businesses earning annual gross sales of $500,000 or less. Allocations are based on the annual gross sales of the business.
Furthermore, the following small businesses may qualify if their sales were at least 25% lower on their April sales tax returns, which should have been filed in May: