Businesses and Nonprofits

On this Page

  1. Memphis and Shelby County Business Resources
  2. SBA Disaster Loan Programs (EIDL and PPP)
  3. Tennessee Chamber of Commerce

 


 

Memphis and Shelby County Business Resources

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 need@growth-engine.org. Find more information here.


SBA Disaster Loan Programs

Economic Injury Disaster Loans

If you are a small business, nonprofit organization of any size, or a U.S. agricultural business with 500 or fewer employees that has suffered substantial economic injury as a result of the COVID-19 pandemic, you can apply for the COVID-19 EIDL, which includes an 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.

Visit the SBA website to learn more and apply for an EIDL loan.

Loans approved prior to April 7, 2021 for less than $500,000 are likely eligible for an increase based on new loan maximum amounts announced March 24, 2021.

Businesses that received a loan subject to the previous loan limit can submit a request for an increase at this time. SBA is now reaching out directly to loan borrowers via email to provide more details about how businesses can request an increase. Borrowers should expect to receive emails from @sba.gov or @updates.sba.gov addresses.

If an applicant accepted a loan for less than the full amount originally offered, the applicant will have up to two years after the date of the loan promissory note to request additional funds. Applicants may continue to request additional funds even after the application deadline of December 31, 2021.

 

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 p

Congress passed a COVID relief funding package in December as well as the American Rescue Plan in March that together expanded eligibility for the PPP program and included over $291.25 billion for first and second forgivable PPP loans. The PPP 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. The deadline to apply for and receive support has also been extended to May 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.

 

Shuttered Venue Operators Grant (SVOG) Program 

The American Rescue Plan also includes $16 billion in federal assistance for live venue operators, including eligible movie theaters, concert spaces, museums and performing arts organizations. The program is administered by the Small Business Administration’s (SBA) Shuttered Venue Operators Grant (SVOG) program. It provides local venue operators with funds to cover payroll costs, rent payments, utility payments, worker protection expenditures, insurance payments, and necessary expenses for operation.

Starting April 8, 2021 the SBA began accepting applications for the SVOG program. Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

Please note, your venue must have been in operation as of February 29, 2020. Any venue or promoter who received a Paycheck Protection Program (PPP) loan on or after December 27, 2020, will have the SVOG reduced by the PPP loan amount.

You can find more information related to eligibility and grant amount here. If you wish to begin your application, you can access the SVOG program application form here

 

Tennessee Chamber of Commerce

The Tennessee Chamber of Commerce is sending periodic updates and business resources 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