NASHVILLE, Tenn. — Small businesses will get another chance for relief from the coronavirus through a new state program — The Tennessee Business Relief Program.
Governor Bill Lee announced the program Tuesday during a press conference. It will use around $200 million from federal coronavirus relief funds to help qualifying small businesses recover from losses they may have endured due to COVID-19.
Officials said that around 28,000 small businesses are expected to qualify. Some businesses which will be eligible for the program include barbershops, amusement parks, bowling alleys, agents of artists, museums, bars and independent artists.
Awards will be given based on the gross sales of the business. More than 73 percent of qualifying businesses earn $500,000 or less in annual gross sales, according to state officials.
“While the COVID-19 crisis started as a public health crisis, the economic crisis it triggered is in some ways even more devastating," said Lt. Gov. McNally (R-Oak Ridge), who helped create the program. "The burden the virus has placed on small businesses has been substantial."
More information about the program will be available on the Department of Revenue website.