Tennessee Business Relief Program: What You Need to Know
The recently-announced Tennessee Business Relief Program will distribute $200 million of federal stimulus funds to Tennessee businesses. The funds are targeted toward the public-facing businesses that faced closure or decreased revenue as a result of the COVID-19 pandemic. It is estimated that more than 28,000 Tennessee businesses will be eligible for funds, and it is expected that 73% of these funds will be distributed to smaller businesses, with less than $500,000 in annual gross sales.
Who is eligible?
It appears that some businesses are automatically eligible, and some are eligible if their sales were reduced by at least 25%, as demonstrated by sales tax returns for April.
- Eligible businesses include:
|Barber shops||Museums, zoos, and other similar attractions|
|Beauty shops||Amusement parks|
|Nail salons||Bowling centers and arcades|
|Tattoo parlors, spas, and
other personal care services
|Gyms and fitness centers||Amusement, sports and recreational industries|
|Restaurants||Promoters of performing arts, sports, and similar events|
|Bars||Agents and managers of artists, athletes, & entertainers|
other travel accommodations
|Independent artists, writers, & performers|
performing arts centers, & similar facilities
- Additional businesses eligible based upon reduced sales:
|Furniture stores||Book stores|
|Home furnishing stores||Department stores|
|Clothing stores||Office supply, stationery, & gift stores|
|Shoe stores||Used merchandise stores|
|Jewelry, luggage, and leather goods stores||Other miscellaneous stores|
Sporting goods, hobby, and musical instrument stores
How do I apply?
At this time, it appears that payments will be automatic, in much the same way that the federal stimulus payments from the IRS for individual taxpayers were. Businesses that have direct deposit information on file with the state will receive payments automatically; otherwise, businesses will receive a check.
How much are payments? When will payments be distributed?
This information has not been made available yet. Businesses with questions can find information from the state here or contact the Department of Revenue’s Taxpayer Services Division at (615) 253-0600, or email@example.com.
The Business Services team at DPBC will continue to monitor matters and post updates here on our blog.