October 25, 2020

Tennessee makes new $50M grant for smaller businesses recovering from pandemic

3 min read
NASHVILLE, Tenn. (WTVF) — Tennessee enterprises have a new chance to get federal funding to...

NASHVILLE, Tenn. (WTVF) — Tennessee enterprises have a new chance to get federal funding to support get better throughout the COVID-19 pandemic.

Gov. Monthly bill Lee and the Fiscal Stimulus Accountability Group are allocating $50 million in federal coronavirus relief funds for a new Supplemental Employer Recovery Grant. The plan aims to provide unique aid for minority-owned, women-owned and veteran-owned companies, as well as enterprises owned by persons who are disabled.

“Small enterprises are the spine of our economy and supporting them through these tough instances has been 1 of the main missions of the Monetary Stimulus Accountability Group,” mentioned Gov. Lee. “The SERG system will provide more aid to tiny enterprises, specially all those who may possibly not have been ready to obtain prior federal and point out aid money.”

Rhonda Shaw owns The Transferring Canvas in Nashville. Her business depends on folks receiving collectively at property, where by she provides the paint and the occasion. For months, she discovered means to hand on as social distancing made her do the job nearly difficult. She suggests the funding could prover critical for companies just like hers to get some sense of stability.

“It would certainly help me to buy my supplies once more, for the reason that as soon as profits wasn’t coming in, I wasn’t equipped to keep on to invest in all the provides I require. So at this issue, it is almost like setting up around,” Shaw reported.

Shaw options to implement and states other than buying provides, she has her eyes set on placing a down payment on a facility of her own.

“So I can have a area for my clientele to come even if they are fearful to open up their homes up or if they are seeking to be outside the house their residence. I would be ready to mandate and handle the mask sporting in my individual facility,” Shaw explained.

Starting up October 7, small business proprietors and nonprofit corporations can utilize to obtain reimbursement for qualified direct fees related to organization interruption owing to the pandemic. The software will be open right until December 29, 2020, or till all funds are depleted.

Qualified reimbursable bills involve charges to make social distancing actions, particular protecting products for staff or customers, contactless equipment, payroll expenses and property finance loan curiosity.

The condition said benefits will be capped at $30,000 and will be distributed on a first-come, 1st-served basis. On top of that, 10% of the cash will be reserved for qualified diversity enterprises.

For extra facts on the Supplemental Employer Restoration Grant, click on right here.

What is the rebound?

As Middle Tennessee performs to rebound from the effects of the Coronavirus, we want to assist. Whether it can be obtaining again to perform, producing ends meet up with all through this unsure time, or controlling the force, we’re committed to finding answer. In addition, we want to convey to your tales of hope, inspiration, and creativity as Middle Tennessee starts to rebound.

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