Approximately 50 % of Tennessee’s $283 million in Business Reduction Application grants remains unclaimed | Condition

(The Centre Square) – Nearly fifty percent of the $283.5 million in point out funding

(The Centre Square) – Nearly fifty percent of the $283.5 million in point out funding selected to offer COVID-19 economic relief for Tennessee corporations has not been claimed by business homeowners.

Gov. Monthly bill Lee and the Fiscal Stimulus Accountability Group launched the state’s Business enterprise Aid Plan in June, allocating $200 million in grants to assistance qualifying smaller enterprises afflicted by the reaction to COVID-19. Lee introduced an further $83.5 million for the program previous thirty day period to supply aid for companies in extra industries.

Additional than $150 million of the Organization Reduction Application cash have been distributed to about 20,000 corporations, but hundreds of companies that are suitable for aid money have not accredited.

A lot more than 40,000 modest businesses throughout 60 various industries qualify for a relief payment, according to the Tennessee Office of Revenue. The office has sent notices of eligibility to all qualifying companies. In order to acquire a relief payment, enterprises must certify with the department by Sept. 25.

“With just a number of weeks remaining to certify your business, I strongly inspire all qualified company proprietors to finish this move as before long as attainable,” Earnings Commissioner David Gerregano explained to The Heart Sq.. “And if you know a compact company owner who could gain from this method, be sure to enable spread the word and recognition. The funding is accessible, and certifying is simple.”

Lee and the Department of Income unveiled a new on line software this week the place organization owners can check eligibility for a payment. The department will be sending extra reminder letters to businesses that have not accredited ahead of the deadline.

Aid payments are based mostly on a business’ once-a-year gross sales and array from $2,500 to $30,000. Funding for the program came from Tennessee’s $2 billion allocation of federal Coronavirus Support, Reduction and Financial Security Act funding.

“The COVID-19 pandemic has positioned an enormous pressure on Tennessee’s compact enterprises, and we’re hopeful these relief payments will aid reduce that load as businesses get back on their feet,” Lee mentioned.