Relief Funds for Businesses Impacted by Pandemic
$50 Million in New Business Relief Funding Includes Specific Support for Minority, Women-Owned, Veteran-Owned Businesses
On October 7, 2020 Governor 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 that suffered as a result of the COVID-19 pandemic. These funds include 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 because of business interruption due to the COVID-19 pandemic.
Businesses may apply now through December 29, 2020, or until all funds are depleted.
- 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. Business interruption costs and other elligible expenses include (but are not limited to):
- Costs to create social distancing measures
- Purchasing personal protective equipment (PPE) for employees or customers
- Contactless equipment
- Payroll expenses
- Mortgage interest
The SERG program follows the previously allocated $300 million for more than 40,000 qualifying businesses under the Tennessee Business Relief Program.
To apply and learn more about what is eligible for reimbursement, please visit https://tncaresact.tn.gov/SERG . For assistance with an application, please call 1-833-740-1438 or email support@TNCARESACT.com.
Information provided by www.tn.gov/governor/news.