The State of Tennessee is making $200 million available for small businesses through the Tennessee Business Relief Program. The relief funds are intended for businesses that suffered during the mandatory business closures in the midst of COVID-19 shutdowns.
More details are to come, but the relief program anticipates about 28,000 Tennessee small businesses to qualify, with more than 73% of those businesses earning annual gross sales of $500,000 or less. Allocations are based on the annual gross sales of the business.
Eligible Businesses
- Barbershops
- Beauty shops
- Nail salons
- Tattoo parlors, spas, and other personal care services
- Gyms and fitness centers
- Restaurants
- 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
The Following Small Businesses May Qualify
Furthermore, the following small businesses may qualify if their sales were at least 25% lower on their April sales tax returns, which should have been filed in May:
- 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
ATA is keeping up-to-date on details as they are released. You can visit our COVID-19 Resource Page for information. Visit Tennessee Business Relief Program for FAQ about the funds.
We are here to help in this unprecedented time. Contact your CPA for more information.