John Dobbs is Chief Executive Officer of Dobbs Equity Partners, LLC, a company that makes private equity investments in existing and start-up operating companies. The Dobbs family has been leading businesses in Memphis since the 1920s. It all started with Dobbs Ford car dealerships and Hull-Dobbs House restaurants. John builds on that legacy; his firm owns companies in many industries including medical device, hospitality, automotive, trucking, and specialty business services.
The Chamber is working to keep the business community updated on the latest information related to how Tennessee and the Greater Memphis region begin to reopen their economies. This information is updated in real time daily.
[Read more…] about The latest details on Reopening Greater Memphis
On Friday, April 17, 2020, the Greater Memphis Chamber hosted a meeting with Congressman David Kustoff to help businesses understand legislation and programs available to aid in economic recovery. This is one of several events the Chamber is hosting with state and local leaders to keep the Greater Memphis business community informed.
[Read more…] about Recap: Congressman Kustoff COVID-19 Briefing Q&A
If you are a small business that has a current SBA loan or plans to get a future SBA loan, SBA will pay the principal and interest on loans through 9/27/20.
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
NOTE: SBA’s Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Non-Profits Impacted by COVID-19 Pandemic
The SBA is offering low interest federal disaster loans for working capital to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19 in all U.S. states, Washington D.C., and territories.
These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.
In addition, small businesses and non-profits may request, as part of their loan application, an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.
SBA’s EIDL and EIDL Advance are just one piece of the expanded focus of the federal government’s coordinated response.
The SBA is also assisting small businesses and non-profits with access to the federal forgivable loan program, the Paycheck Protection Program, which is currently accepting applications until June 30, 2020.
For additional information, please visit the SBA disaster assistance website at SBA.gov/Disaster.
This loan allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000:
https://www.sba.gov/document/support–express-bridge-loan-pilot-program-guide
NOTE: This program has temporarily reached its funding limit.
SBA Disaster Assistance Response Program for COVID-19
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Tennessee small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.
COVID-19 SBA Disaster Loan Application
Declarations are listed here: https://disasterloan.sba.gov/ela/
You can see which states already have COVID-19 declarations and more about the online application process when it opens for Tennessee firms.
U.S. Small Business Administration Disaster Business Loan Application
Request Free Advising from TSBDC for SBA Loan Application
Coronavirus Emergency Loans Small Business Guide and Checklist
Economic Injury Disaster Loan (EIDL), and Military Reservist Economic Injury Disaster Loan (MREIDL)
NOTE: As of April 27, the Payroll Protection Program application has reopened. Learn more.
NOTE: As of June 8, the Payroll Protection Program Flexibility Act gives businesses more time and flexibility to keep employees on the payroll and ensure their continued operations as we safely reopen our country. Learn more.
The Paycheck Protection Act provides federally-guaranteed loans up to a maximum amount of $10 million to eligible businesses, which can be partially forgivable, to encourage businesses to retain employees through the COVID-19 crisis by assisting in the payment of certain operational costs.
View THE PAYCHECK PROTECTION ACT FAQ here.
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Several institutions have transitioned to virtual teaching and training in response to the impact of the coronavirus pandemic. If your organization is offering educational or training resources, please share your information with us. This list will be updated frequently.
The Better Business Bureau is warning that scammers are coming out of the woodwork to exploit the coronavirus crisis to steal money and/or confidential information from consumers and businesses. Government impostors are already taking advantage of the complexity and uncertain timing of different relief programs in the CARES Act.
Michael Ugwueke is president and chief executive officer of Methodist Le Bonheur Healthcare System in Memphis, Tennessee, a faith-based mission driven system that is comprised of six acute care hospitals that includes Le Bonheur Children’s Hospital, five Urgent Care Centers, Home Health, Hospice and over 50 owned physician practices. Michael oversees a workforce of over 13,000 Associates, 2,500 affiliated physicians and numerous volunteers. Together, they provide care to 1.2 million people in the Mid-South.
[Read more…] about Meet the Chairman’s Circle: Michael Ugwueke
At the time of this writing, markets across the globe are in a state of disruption. Seemingly overnight, our ways of working, living and playing have changed. Business and CRE leaders are struggling to address both the safety of their workers and the viability of operating their businesses using traditional methods. CRE executives are seeking solutions to better position their organizations for the economic realities ahead. As a leading advisor to both occupiers and investors, Cushman & Wakefield’s leasing and CRE account professionals encourage tenants to consider the following in preparation for lease renegotiations and rent relief requests.
[Read more…] about 10 Considerations When Approaching Lease Renegotiation & Rent Reduction
A number of stimulus funds are now available to help businesses affected by COVID-19. See the list below and learn how you can apply:
[Read more…] about Memphis: Get Your Fair Share of Stimulus Funds
