The team at Dodson Parker Behm & Capparella, PC shares updates and thoughts on developments in the law.

Tennessee Business Relief Program: What You Need to Know

June 2, 2020

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
Marinas
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
Hotels &
other travel accommodations
Independent artists, writers, & performers
Theaters, auditoriums,
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 revenue.support@tn.gov.

The Business Services team at DPBC will continue to monitor matters and post updates here on our blog.


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