Tennessee Governor Bill Lee and the Financial Stimulus Accountability Group (FSAG) announced an initial $50 million in federal Coronavirus Relief Funds for the new Supplemental Employer Recovery Grant (SERG) program to provide additional relief to small businesses suffering during the COVID-19 pandemic. This new wave of funding includes specific support for minority-owned, women-owned and veteran-owned businesses, as well as businesses owned by disabled persons.
Small business owners and non-profit organizations can apply to receive reimbursement for eligible direct expenses or costs incurred as a result of business interruption due to the COVID-19 pandemic.
The program’s application window will open October 7, 2020 and remain open until December 29, 2020, or until all funds are depleted. Please note:
- Funds will be distributed on a first-come, first-served basis;
- Awards are capped at $30,000. Businesses located in low to moderate income (“LMI”) census tracts, Opportunity zones, or Promise zones will receive an additional $500 added to the maximum allowable expenses;
- 10% of all funds distributed under this program will be reserved for eligible diversity business enterprises, classified as minority business enterprises, women business enterprises, or service-disabled veteran business enterprises, and enterprises owned by disabled persons.
The period for reimbursable expenses is May 1, 2020 through August 31, 2020. Eligible expenses and business interruption costs include but are not limited to:
- Costs to create social distancing measures
- Purchasing personal protective equipment for employees or customers
- Contactless equipment
- Payroll expenses
- Mortgage interest