Businesses and Nonprofits
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- Memphis and Shelby County Business Resources
- Assistance for Small and Mid-Sized Businesses
- SBA Disaster Loan Programs (EIDL and PPP)
- Tennessee Chamber of Commerce
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 Federal Reserve has created 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.
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)
On December 21, 2020, Congress passed a COVID relief funding package that included over $284 billion in first and second round forgivable PPP loans. This program provides small businesses with funds to cover payroll costs, mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
Starting Wednesday, February 24, the SBA established a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021.
Please note, the SBA will also allow sole proprietors to receive additional financial support, eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, eliminate PPP access restrictions on small business owners who have struggled to make student loan payments, and ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
You can find more information related to eligibility, forgiveness terms and maximum loan amounts for first draw loans here and second draw loans here. If you wish to begin preparing your application, you can access the PPP borrower application form 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