Assistant Leader Gant fights for Tennessee businesses and employees
As the unprecedented Covid-19 pandemic continues and this aggressive, highly contagious pathogen spreads throughout communities across Tennessee, my colleagues and I continue to work together and with our federal government to meet the evolving needs of our businesses and their employees during these extraordinary times.
This week, the Small Business Administration (SBA) officially launched its $350 billion Paycheck Protection Program (PPP) in efforts to support Tennessee businesses currently struggling because of the sudden economic downturn caused by Covid-19. As part of the $2 trillion federal stimulus package, these forgivable loans are designed to provide incentives to small businesses with 500 or fewer employees affected by Covid-19 so they keep their employees on staff.
Eligible entities include sole proprietorships, independent contractors, and self-employed individuals among others. Small businesses in the hospitality or food industries with more than one location may also be eligible if their individual locations employ less than 500 workers. If a business keeps all of its employees on the payroll for eight weeks, and funding is used specifically to meet payroll, rent, mortgage interest or utility expenses, all loan balances will be forgiven. Small businesses can now also apply for low interest Economic Injury Disaster Loans of up to $2 million through the SBA to help meet additional needs including financial obligations and operating expenses as this pandemic continues.
As part of our emergency $39.8 billion state budget – which we passed two weeks ago before recessing – we will be sending $200 million combined in grant funding back to all Tennessee counties and municipalities beginning July 1. Through these grants, no county will receive less than $500,000, no municipality will receive less than $30,000 and our distressed counties will receive additional funding on top of these allocated amounts. These funds can be used for IT hardware upgrades, capital maintenance, utility system upgrades, road projects, public safety, as well as Covid-19 response. To support workforce members and businesses, we are also investing $40 million for FastTrack Job Development grants to create new opportunities, promote job growth, and increase retention. Finally, a $41.8 million investment will support Tennessee’s unemployment system, and $1.3 million will continue to modernize Worker’s Compensation in this state.
We never could have imagined the impact of this historic health pandemic on all aspects of our daily lives. In the weeks ahead, let’s continue to support each other, be respectful of the needs of our neighbors and make small sacrifices to flatten the virus curve and slow the spread of Covid-19. If we work together now, we will relieve the expected burden our state’s health care system from the anticipated surge of Covid-19 patients. This will allow us to reopen our economy and get us all back to work in a safe and swift manner. May God continue to bless all of us and the great State of Tennessee.
Ron Gant serves as House Assistant Majority Leader for the 111th Tennessee General Assembly. Gant is also a member of the House Finance, Ways, & Means, House Health, and House Insurance Committees, the House Facilities, Licensure, & Regulations, and Encore Subcommittees, and the Select Committee on Rules. Gant lives in Rossville and represents Tennessee House District 94, which includes Fayette, McNairy, and a portion of Hardeman Counties