Tennessee employers affected by stay-at-home orders and temporary shutdowns might be eligible for new financial assistance from the state.
The state recently announced that it will provide about $200 million in federal funds through the Tennessee Business Relief Program. Grants will be available based on the amount of money a business earns in annual sales with a cap of $500,000. Almost 30,000 businesses across Tennessee are likely eligible, according to the governor’s office.
Eligible businesses are listed on the state’s website, although details have not been released on payment dates, guidelines, and additional requirements. According to the website, business owners will not need to apply but will be determined based on information available in past tax filings.
Businesses that are not registered with the Department of Revenue to file either sales tax or business tax returns are not eligible for a business relief payment
More updates are expected from the state soon, so reach out to your KraftCPAs advisor for changes.