New monetary relief funding is now available designed to assist certain Tennessee small businesses impacted by COVID-19. Tennessee Governor Bill Lee and the Financial Stimulus Accountability Group today announced an initial $50 Million in federal Coronavirus Relief Funds for the new Supplemental Employer Recover Grant (SERG) program. These funds are designed to provide additional relief to small businesses, particularly those who may not have been able to access previous federal and state relief funds.
If your business incurred eligible direct expenses or experienced business interruption between May 1, 2020, and August 31, 2020, you may qualify for up to $30,000 in SERG business relief funds. Awards are based on costs incurred to respond to the COVID-19 public health emergency, or costs of business disruption as a result of voluntary or involuntary closure or decreased customer demand. The SERG program opened October 7 and will run through December 29, 2020, or until all funds are expended.
Eligible businesses include those with annual revenues below $10 Million and IRC Secs. 501(c)(3) and 501 (c)(19) organizations. Additionally, 10% of all funds will be reserved for eligible diversity business enterprises, which include those that are:
- Owned by persons with disabilities
- Owned by service-disabled veterans
Businesses located in low to moderate (“LMI”) census tracts, Opportunity Zones, or Promise Zones may be eligible for an additional $500.
To apply and learn more about what expenses are eligible for reimbursement, please visit https://tncaresact.tn.gov/SERG. The website contains FAQs, helpful videos, and a calculator that business owners can use to determine their estimated SERG benefit. For application assistance or answers to specific questions, please call the dedicated SERG help line at 1-833-740-1438 or email support@TNCARESACT.com.
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