Thousands of business owners across Tennessee will soon be notified whether they are eligible for a new round of financial help.
The notifications are the latest step in the Tennessee Business Relief Program, which was announced in June to distribute about $200 million in federal grants to qualified businesses. Eligible businesses are listed on the Department of Revenue website.
Notifications began going into the mail this week. Businesses will be prompted to complete an online form to verify their eligibility and agree to the program’s payment guidelines. Business owners who do not have online access can complete a paper certification form.
Payments to eligible businesses will be distributed starting in early July. Relief payments will be based on the annual sales of the business, with a maximum payment of $500,000.
According to the state’s eligibility guidelines, almost 30,000 businesses across Tennessee are likely qualified to receive grant money.
According to the state’s FAQ page, funds received from the Tennessee Business Relief Program should be used to respond to the financial disruption resulting from COVID-19 and its effects on business. Funds cannot be used for payment of taxes to a government agency. Businesses must also keep a record regarding how the funds are spent.
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.
If you have questions about how these payments could affect your business, reach out to a professional at KraftCPAs.