MEMPHIS, Tenn. — The state of Tennessee is setting aside $200 million for small business that were affected by closures and losses related to the coronavirus pandemic.
An estimated 28,000 small businesses across the state will be eligible for the relief payments from the Tennessee Business Relief Program, Gov. Bill Lee said in an announcement made from a Nashville restaurant Tuesday.
“We believe this brings a bit of hope, and a bit of help, for small businesses, and that help is on the way,” Lee said.
Payments will be between $2,500 and $30,000, depending on gross sales. State officials said the funds would help many minority- and women-owned small businesses in the state.
The funding comes from the federal CARES Act.