What is Considered Low Income in Tennessee?

The poverty line is a benchmark used in Tennessee to establish eligibility for various government assistance programs. The Department of Health and Human Services states that a family of four living in Tennessee must earn no less than $26,500 per year to be considered below the poverty level.

Families or individuals with incomes below this limit may be qualified for a number of assistance programs, including Medicaid, housing assistance, and food stamps. Additionally, Tennessee assists families with children under the age of 18 who satisfy the eligibility standards for income and resources with temporary cash help through a program called Families First.

A family must have a kid under the age of 18 or a pregnant woman in the home to be eligible for Families First in Tennessee. The family must also be eligible in terms of resources and income. The maximum monthly income varies depending on the size of the household and is $277 for a single person and $925 for a family of eight. Do You Need to Repay the PPP Loan?

The Small Business Administration (SBA) established the Paycheck Protection Program (PPP), a lending program, to assist small businesses impacted by the COVID-19 outbreak. The loan may be forgiven if the money is used for qualified costs including rent, payroll, and utilities. Accordingly, if the borrower satisfies specific criteria, they might not be required to repay the loan. However, the loan must be paid back if the money is not utilized for approved costs.

The SBA still offers the Economic Injury Disaster Loan (EIDL) program. This initiative offers low-interest loans to nonprofit groups and small enterprises that have been impacted by the COVID-19 outbreak. Payroll, accounts payable, and fixed debts are just a few examples of costs that can be paid for with the loans. The EIDL program also provides a $10,000 advance that is not required to be paid back. How Much Time Does It Take to Receive an SBA Grant?

Depending on the program, different timelines apply for SBA grants. For instance, the EIDL program’s advance is expected to be sent out three days after the application is received. However, it can take longer because there are so many applications. The Shuttered Venue Operators Grant program of the SBA has not yet started taking applications, so the time frame for getting a grant is still unknown.

In conclusion, the poverty threshold in Tennessee—which is $26,500 per year for a family of four—determines what is considered low income. Families or individuals who make less than this amount may be eligible for a number of government assistance programs. Additionally, the SBA’s PPP, EIDL, and Shuttered Venue Operators Grant programs may be available to small businesses affected by the COVID-19 epidemic. The number of applications received may have an impact on the length of time it takes to get assistance through these programs.