Tennessee Business Relief Program to Help Small Businesses
Help for Tennessee small businesses is on the way. The Tennessee Business Relief Program has over $200,000,000 in federal Coronavirus relief funds to distribute. So how will the state determine the relief amount to distribute? The state will base the amount a business is eligible to receive on the annual gross sales of the business.
Who Is Eligible for the Tennessee Business Relief Program?
At this point, about 28,000 Tennessee businesses may qualify for the relief funds. But to be eligible, the business must be registered with the Tennessee Department of Revenue. Currently, the following categories of business are eligible:
- Barber shops, beauty shops, and nail salons
- Tattoo parlors, spas, gyms, and fitness centers
- Restaurants and bars
- Hotels and other travel accommodations
- Theaters, auditoriums, performing arts centers and similar facilities
- Museums, zoos, and amusement parks
- Bowling centers and arcades
- Marinas, amusement, sports and recreational industries
- Promoters and agents of performing arts and sports
- Independent artists, writers, and performers
Additionally, some other businesses are eligible. They must be able to demonstrate a 25% reduction in sales as shown on their April sales tax returns. So businesses that do not have a sales tax number would not be eligible. At this time, eligible businesses include stores that sell such things as furniture, clothing, sporting goods, and office supplies. But state legislators are hopeful the program will soon expand to include other organizations. These may include non-profits, trade groups and chambers of commerce.
For a list of all current and proposed businesses categories, click this link.
PHB Serves Small Businesses
PHB is one of the best CPA firms Franklin has to offer. It is our obligation and privilege to inform our small business clients about this program. And it is our wish to help them avail themselves of the benefits of Tennessee Business Relief Program.