The state of Tennessee has thousands of confirmed cases of coronavirus. As a result of the economic effects stemming from this pandemic, Tennessee and the federal government have separately come up with a series of individual and small business relief programs. These programs are designed to temporarily alleviate the economic effects of the pandemic. While Tennessee may not have as many programs in place as other states, its government is still staying engaged with its citizens to ensure that everyone has the right resources at their fingertips. If you’re looking for more individualized help, speak with a local financial advisor about your needs.
Tennessee Coronavirus Relief for Individuals
The state of Tennessee is working to keep its citizens up to date with information on how to deal with the coronavirus pandemic. The state government has also instituted programs that are designed to help individuals handle the situation.
Tennessee Talent Exchange
Many Tennesseans have been laid off due to the coronavirus outbreak, as businesses close or reduce capacity around the state. The Talent Exchange program looks to match people who are without work due to a lack of demand in their industry with businesses who have experienced surges in demand due to the coronavirus pandemic.
Emergency Cash Assistance
Certain families who have lost their stream of income due to the coronavirus pandemic may be eligible for financial aid packages. This program will provide qualifying families with two months worth of payments. To be eligible, working family members must have been employed as of March 11, 2020 and need to have lost a job or at least 50% of their earned income due to the COVID-19 emergency. If you’re interested, you can apply here.
Tennessee Coronavirus Relief for Small Businesses
While Tennessee has programs designed specifically to help individuals, it hasn’t yet instituted any state-level relief programs, though the Tennessee Talent Exchange is designed to help both businesses and individuals. Small businesses in Tennessee should seek out federal programs when looking for help in dealing with the current situation.
Federal Coronavirus Relief for Individuals
There are a range of coronavirus relief programs available for individuals to take advantage of. The most notable is the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This $2 trillion stimulus package includes individual stimulus checks of up to $1,200 for most Americans. If you make less than $75,000 annually, you’re entitled to the full amount. For every $100 you make above that limit, you’ll receive $5 less. The cutoff is an annual income of $99,000 for individuals, $198,000 for couples and $136,500 for heads of household.
The stimulus package isn’t the only federal relief program available to individuals. Americans also have access to relief for rent and mortgage payments, a federal income tax deadline extension, student loan relief, expanded unemployment benefits and more. Paid sick leave benefits are also readily available.
Federal Coronavirus Relief for Small Businesses
While Tennessee hasn’t implemented many programs directed at helping businesses directly, there are still a handful of federal programs that are able to provide aid for small businesses. The Paycheck Protection Program (PPP) is the most significant, as it offers businesses up to $10 million as a federal loan. These can cover up to 2.5 times a business’s average monthly payroll costs, excluding employee salaries of more than $100,000 per year.
The federal government is also granting businesses access to Economic Injury Disaster Loans (EIDLs). These loans range up to $2 million in size, and they are designed to help businesses cover operational costs. Applicants for EIDLs are also eligible to receive emergency advance grants of $10,000 before the full amount of the EIDL comes through. Note that as of this writing, the SBA is not accepting new applications for EIDLs and emergency grants due to funding shortfalls.
The 7(a) Loan Program, the SBA Debt Relief Program, the Express Loan Program, the Community Advantage Loan Program, 504 loans and microloans are also available to Tennessee businesses.
Bottom Line
If you’re an individual or small business based in Tennessee, there are options available to help you financially during the coronavirus pandemic. While you might not have access to as many state-level relief programs as other states, you’ll still be able to take advantage of a number of federal programs that can lessen the economic impact.
Financial Tips During the Coronavirus Crisis
- If you have questions about your specific financial situation, think about working with a financial advisor in your area. In fact, finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in just five minutes. Get started now.
- If you’ve lost your job, there are plenty of options available to you. Take a look through SmartAsset’s guide for those who’ve lost their job during the coronavirus pandemic.
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