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COVID Relief for Businesses- Expanded State Financial Assistance, Renew Nashville

COVID-19 Economic Chamber News Release

We know you want to be done with COVID but COVID is in no way done with us. Here is the info you need and hopefully some relief you can use. 

Last week COVID test results were down to 22 cases, today we had 235 new cases in a day. The state saw 1,676 new cases in a day, which is a positivity rate of 7.3% (that is high!). We can not give up and have to keep working to stop the spread. The Tennessean has a piece on not getting complacent with COVID

The President has dominated the headlines with his illness, but the biggest and most tragic news for individuals and businesses comes to us today when Trump said he would not support a Coronavirus stimulus before the election. This news is devastating for so many that are in need of additional help and assistance. You just have to take a look at the stock market to see how big the ramifications of no deal will be. Look past that and the real tragedy is seen as: 

  • Close to 30 million jobless people will permanently see an income cut of 50%, 
  • 40% of restaurants face closure in 6 months, per surveys 
  • Tens of thousands of airline workers will be laid off  
  • No stimulus checks 2.0

With no help coming from the Federal Government right now, here is local assistance that we want to make sure you know about - 

Renew Nashville

Our member and partner The Nashville Entrepreneur Center announced last week the launch of their newest program, Renew Nashville, to provide guidance to those Nashville entrepreneurs and small businesses who have faced wave after wave of challenges in 2020.

Through the EC, participants will have access to:

  • A powerful, supportive community of fellow entrepreneurs
  • 1-on-1 mentorship with business experts who have "been there and done that"
  • Expert-led classes covering the most pressing issues
  • And more!

We encourage all of our small business owners and entrepreneurs to take advantage of this citywide initiative addressing the significant challenges facing businesses during the COVID-19 crisis. Apply today at no cost!

Tennessee Announces New Business Relief Efforts

We have told you about the state stimulus money for small businesses over the last few weeks and Tennessee has deposited nearly $200 million into the accounts of small businesses. The state still has more stimulus money, so it’s broadening the program and focusing more on diversity.

Starting this week, any business that has less than $10 million in annual revenue and can show losses from the pandemic or costs related to safety measures can apply for as much as $30,000 in help. That comes on the heels of a state program that helped about 25,000 small businesses see their way through the first six months of the pandemic. 

More info can be found here and as soon as the application is available from the Department of Revenue, we will share it with you. 

Other COVID-19 Resources

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