NASHVILLE, Tenn. (AP) — State officials say more than 70% of funds dedicated to helping companies in Tennessee struggling due to the coronavirus pandemic have gone to small businesses.
As of Wednesday, nearly $185 million had been distributed to more than 25,000 businesses as part of Tennessee’s business relief program — an initiative funded by federal coronavirus aid dollars said Department of Revenue Commissioner David Gerregano.
The deadline to apply for the money expired this week. However, Gov. Bill Lee’s administration announced they plan on allocating an additional $50 million later this year for further business relief.
According to Gerregano, 70% of payments were issued to businesses with annual gross sales of $500,000 or less.