The state Department of Revenue has added more information about business relief payment amounts and eligibility notices to the Tennessee Business Relief Program website.
- Eligibility notifications will be sent to businesses beginning the last week of June. Once notified, businesses will be prompted to complete an online pre-award certification form in order to verify their eligibility criteria and agree to the program’s payment guidelines. Business owners who do not have online access will be asked to complete a paper certification form.
- Once the certification form has been completed and a business’ eligibility is confirmed, the department will issue a business relief payment. Payments for eligible businesses will be issued beginning the first week of July.
- Business relief payment amounts will be based on the annual gross sales of the business. There’s more information here.
According to the Revenue Department’s FAQ, funds received from the Tennessee Business Relief Program should be used to respond to the financial disruption resulting from COVID-19 and its effects on your business. Funds must not be used for payment of tax liabilities to a government agency. Businesses must also keep records regarding how the funds are spent.
The FAQ states that businesses that accept the funds acknowledge and agree that they are subject to potential audit or other verification by the State of Tennessee concerning the qualification for and use of these funds. Funds are subject to recapture by the State of Tennessee if payment requirements are not met.