‘Negatively Impacted’ Tennessee Industries Can Apply for State Fiscal Recovery Funds

Date: October 06, 2021

Gov. Bill Lee and the Financial Stimulus Accountability Group (FSAG) released recommendations for federal relief dollars to support Tennessee’s continued economic recovery, including more than $3 billion in investments to further strengthen infrastructure and businesses. The recommendations include a reservation of up to $275 million of the state’s Fiscal Recovery Fund to assist impacted industries. Beginning October 8, 2021, organizations seeking consideration for these funds may apply here. The application period is scheduled to end Nov. 30, 2021.

The program does not include direct relief grants for individual businesses. It is available to the following entities: Industry Trade Associations, Business Organizations, Trade/Professional Organizations, and Non-Profit Organizations. Those entities will have to follow U.S. Treasury and state guidelines available in the application process before dispensing monies to address “negative economic impacts caused by the public health emergency, including economic harms to workers, households, small businesses, impacted industries, and the public sector.” Entities must be able to meet definitions established by the U.S. Treasury in detailed guidance issued Sept. 30, which should be reviewed before applying.   

“As Tennessee continues its strong economic recovery, it’s important that we maintain proper stewardship of federal dollars coming to our state,” Governor Lee said. “I thank the members of the Financial Stimulus Accountability Group for their efforts to manage these resources and serve Tennesseans.”

Since April 2020, the bipartisan FSAG has worked to ensure proper management of federal COVID-19 relief dollars, meeting publicly and reporting regularly to bring transparency to the process. In August 2021, the FSAG committed an initial $1.85 billion of the state’s Fiscal Relief Fund to support sewer, water and broadband expansion projects across Tennessee. The recommendations released today include an additional investment of $1.3 billion in key infrastructure, public health and economic relief initiatives:

  • $628 million to improve state and local public health facilities
  • $624 million to support the economic recovery of negatively affected industries

In 2020, the group proactively invested Coronavirus Relief Fund dollars into the state’s unemployment trust fund, which successfully protected jobs and prevented tax hikes.

The FSAG and Lee administration are asking for public input to the Tennessee Resiliency Plan, which you can access here.

Related Content: Small Business News | Tennessee

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