More than $120 million in federal funding for Tennessee small businesses up for grabs

State-Capitol

NASHVILLE, Tenn., (WKRN) — A lot of federal COVID-19 funding has been left on the table by small businesses in Tennessee. As of last week, more than $123 million dollars remains available to those businesses in need.

It was one of the numbers that came out last week during the latest meeting of Governor Bill Lee’s Financial Stimulus Accountability Group.

Finance and Administration Commissioner Butch Ely said the plan for the overall federal stimulus funds received by the state will spend “every single dollar of these funds by the end of the year.” That means for small business relief there’s some work to do.

The Lee administration pointed out about 70-percent of the business relief payments have gone to places with yearly gross sales of less than $500,000 dollars. “We have been engaged in the last several weeks in intensive outreach that as many businesses as possible know about this program with the funds there to help them,” said Dept. of Revenue Commissioner David Gerregano.

As of September 30th, $123.5-million dollars is left for small businesses out of $308.5-million dollars allocated for small business relief in the administration’s overall stimulus spending plan.

One administration official said some businesses don’t want the federal relief administered while other businesses may not know about the program.

Another attempt to reach out to businesses is one of the recommendations from the group. Word of that could come as early as tomorrow October 6th during Governor Lee’s weekly COVID-19 briefing.

Click here for more information about the small business relief program.

Stay with News 2 for continuing coverage of the COVID-19 Pandemic.

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