Source: TSBDC | June 12, 2020
On June 2, 2020, Governor Bill Lee announced the use of federal Coronavirus Relief Funds to assist Tennessee small businesses impacted by the COVID-19 crisis. Governor Lee has directed the Tennessee Department of Revenue to issue business relief payments through the Tennessee Business Relief Program to small businesses for costs incurred as a result of mandatory business closures.
The focus of the program is on small businesses that were mandated to close due to the COVID-19 pandemic, as announced in Executive Orders by Governor Lee.
A program overview and frequently asked questions can be found at: https://www.tn.gov/revenue/tennessee-business-relief-program.html
Here are some highlights:
· This is a grant that does not have to be repaid, not a loan program.
· There is no application process. The TN Department of Revenue will identify affected businesses in the respective industries.
· The amount is determined by the TN Department of Revenue, based on sales reported by the business.
· Funds will be paid out through direct deposit for businesses signed up for a TNTAP account. Other businesses will receive a check.
· Businesses are highly encouraged to check their TNTAP information for accuracy.
· Businesses that do not have an account yet should consider creating a logon at: https://www.tn.gov/revenue/e-file-and-pay/tntap-information/using-tntap.html
At this time TSBDC is available for free & confidential counseling via email, phone, and video conferencing.: https://www.tsbdc.org/request-advising/
The Tennessee Small Business Development Center Network is funded by the U.S. Small Business Administration and the Tennessee Board of Regents under Cooperative Agreement No. 01-7620-0045-18, and by the Tennessee Department of Economic and Community Development. The support given by the U.S. Small Business Administration through such funding does not constitute an expressed or implied endorsement of the co-sponsors’ or participants’ opinions, findings, conclusions, recommendations, products or services. All TSBDC programs are nondiscriminatory. Arrangements for the handicapped can be provided where possible with advance notice.