NASHVILLE, Tenn. (WTVF) — Gov. Bill Lee announced a relief program that will allocate $200 million for small businesses recovering from the impacts of the COVID-19 pandemic.
Watch the full announcement below:
He made the announcement on Tuesday morning while speaking at Arnold’s Country Kitchen, one of the local businesses that have qualified for financial help. During the annoucement, the governor was joined by Tennessee House Speaker Cameron Sexton, Lt. Gov. Randy McNally, and members of the stimulus financial accountability group.
"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," said Lt. Gov. McNally. "Jobs have been lost. Savings accounts have been drained. Credit has been stretched. Small businesses need this relief more than anyone."
The funds will come from the federal coronavirus relief bill called the CARES Act.
The amounts given to businesses will be based on the annual gross sales of the business. The governor's office said about 28,000 small businesses statewide are expected to qualify.
A variety of small businesses are eligible for the program, including the following:
The governor's office said other businesses may also be eligible if their sales were reduced by at least 25% per the business' April sales tax returns.
More details can be found on the Tennessee Department of Revenue's website in the coming days.
What is the rebound?
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Managing the PressureFeeling isolated or frustrated? Learn ways to connect with people virtually, get counseling or manage your stress.
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