Businesses and Nonprofits
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- Memphis Phased Reopening
- Tennessee Business Relief Program
- Memphis and Shelby County Business Resources
- Assistance for Small and Mid-Sized Businesses
- SBA Disaster Loan Programs (EIDL and PPP)
- Tennessee Chamber of Commerce
Shelby County is in Phase II of reopening. This means:
- Retailers, gyms, and civic facilities are capped at 50% capacity.
- Restaurants may have as many customers as possible if six feet between groups is maintained.
- Events of 0-50 are permissible so long as the organizer and participants comply with safety measures..
- Events of 51-499 may be permitted in the future if the health department approves an organizer’s plan that complies with the requirements of submitting a plan found here.
- Events of 500 or more are not permitted under any circumstances at this time.
As businesses in Memphis and Shelby County begin to reopen, residents are encouraged to continue to practice strict social distancing. At-risk groups are encouraged to stay at home as much as possible. For more information, please visit https://covid19.memphistn.gov.
What it is: 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.
Payment amount: The amount of the business relief payments will be determined based on the annual gross sales of the business. Payments range from $2,500 to $30,000.
How to receive it: Notifications to businesses included in the expanded program will be sent beginning the week of August 17th. Businesses who have received a notification should certify their business information on the TNTAP website. Once a business completes its certification and the department verifies eligibility, the State will issue a relief payment.
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.
More information: Check your eligibility and learn more here.
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.
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.
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)
**Please note that the Paycheck Protection Program (PPP) closed at the end of August 8, 2020. The SBA is no longer accepting PPP applications from participating lenders.**
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