Resources for Businesses
On this Page
- Tennessee Business Relief Programs
- Memphis and Shelby County Business Resources
- SBA Disaster Loan Programs (EIDL and PPP)
- Assistance for Small and Mid-Sized Businesses
- Tennessee Chamber of Commerce
The Tennessee Department of Revenue will begin issuing business relief payments through its Tennessee Business Relief Program to certain types of small businesses. These payments will be made to businesses to assist with costs incurred from mandatory closures during the COVID-19 pandemic.
The amount of the business relief payments will be determined based on the annual gross sales of the business. Payments will be made by direct deposit if the business has previously provided bank account information and authorized the Department to save that information. Otherwise, payments will be made by check. Businesses are encouraged to update their mailing addresses by logging into TNTAP at https://tntap.tn.gov/eservices.
Additional details about the timing of the relief payments will be provided soon. Click here to learn more.
The EDGE Neighborhood Emergency Economic Development (NEED) Grant offers grants of up to $10,000 for businesses located in New Markets Tax Credit Eligible Census Tracks throughout the City of Memphis. Businesses must have experienced at least a 25% loss in revenue as a result of COVID-19. Find the application here and email it to firstname.lastname@example.org. Find more information here.
The Economic Hardship Emergency Loan Fund offers loans of $2,000 to $5,000 with interest deferred for six months. Businesses must have less than $500,000 in revenue annually, be located in Memphis and have been open for at least three years. The loan is to provide capital for expenses like rent, mortgage payments, vendor payments and payroll as well as insurance and utilities. All businesses applying must be registered with the city’s Office of Business Diversity & Compliance. Please complete the application and email it to email@example.com. Click here for more information.
The Small Business Resilency Loan Fund offers $5,000-$35,000 for businesses that have been denied by the Small Business Administration (SBA) or a SBA lender. Businesses must be located within City of Memphis distressed communities, must have been open for at least three years, and be certified with the City of Memphis Office of Business Diversity and Compliance (OBDC). Click here for more information.
Congress has created a number of resources for small businesses impacted by the coronavirus. The Small Business Administration (SBA) is providing both grants and loans to Tennessee business owners, including Economic Injury Disaster Loans (EIDL), payroll tax credits, and a new Paycheck Protection Program (PPP) that is designed to help businesses cover the cost of payroll during the crisis (more details below).
For more information on these resources, please view this PDF of a flowchart on the types of loans and grants that are available, this guide for small business owners, and the House Committee on Small Business’ summary of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020.
Please note that faith-based organizations are eligible to apply for SBA loans. For more information, click here.
Economic Injury Disaster Loans
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid.
On June 15, SBA began accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses. The SBA has also resumed processing EIDL applications that were submitted before the portal stopped accepting new applications on April 15 and will be processing these applications on a first-come, first-served basis.
Visit the SBA website to apply for an EIDL loan.
Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP) offers 100% forgivable loans to small businesses to keep their employees on payroll during the COVID-19 crisis. Please view my fact sheet on this program here.
Small businesses and sole proprietorships can apply for and receive loans to cover their payroll and certain other expenses through existing Small Business Administration (SBA) lenders. Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations and 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. You can find more information here.
The SBA has a tool for finding PPP lenders here.
**Update 5/18/2020: The Small Business Administration has released the Paycheck Protection Program (PPP) Loan Forgiveness Application. View that application here.
The Federal Reserve has started its Main Street Lending Program for businesses with up to 10,000 workers or with revenues of less than $2.5 billion. Loans range from $1 million to $25 million and are available for four-year terms. Principal and interest payments will be deferred for one year. Businesses that have taken advantage of the PPP may also take out Main Street loans.
Read more about the Main Street Lending Program here.
The Tennessee Chamber of Commerce is sending a daily email with business updates related to COVID-19. The Chamber also has resources on unemployment insurance, the Paycheck Protection Program (PPP), and other guidance and resources for employers and employees. Please visit: https://www.tnchamber.org/coronavirus