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NEW $200 MILLION SMALL-BUSINESS RELIEF PROGRAM ANNOUNCED FOR TENNESSEE

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Tennessee Governor Bill Lee announced a new relief program today for small businesses affected by the COVID-19 pandemic.

The Tennessee Business Relief Program will direct approximately $200 million in federal coronavirus relief funding through the Department of Revenue to small businesses that qualify. The program awards will be based on the annual gross sales of the business.

Roughly 28,000 Tennessee businesses are expected to qualify according to a release from the state, with more than 73% of those businesses earning annual gross sales of $500,000 or less.

Small businesses eligible under the program include:

  • Barbershops, beauty shops and nail salons
  • Tattoo parlors, spas, and other personal care services
  • Gyms and fitness centers
  • Restaurants and bars
  • Hotels and other travel accommodations
  • Theaters, auditoriums, performing arts centers and similar facilities
  • Museums, zoos, and other similar attractions
  • Amusement parks
  • Bowling centers and arcades
  • Marinas
  • Amusement, sports and recreational industries
  • Promoters of performing arts, sports, and similar events
  • Agents and managers of artists, athletes, and entertainers
  • Independent artists, writers, and performers

Certain stores are also eligible if their sales were reduced by at least 25%, as shown on their April sales tax returns that were filed in May. Those stores include:

  • Furniture stores
  • Home furnishing stores
  • Clothing stores
  • Shoe stores
  • Jewelry, luggage and leather goods stores
  • Sporting goods, hobby and musical instrument stores
  • Book stores
  • Department stores
  • Office supply, stationery and gift stores
  • Used merchandise stores
  • Other miscellaneous stores

More details will be posted on the Department of Revenue’s website in the coming days:

https://www.tn.gov/revenue/tennessee-business-relief-program.html


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