SBA Loan Debt Relief

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.

SBA Economic Injury Disaster Loan (EIDL) and EIDL Advance

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 Express Bridge Loans

This loan allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000:–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 Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email 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:
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.



The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.Paycheck Protection Program Overview

Paycheck Protection Program Fact Sheet

Paycheck Protection Lender Application

Paycheck Protection Borrower Application

SBA Releases Details on Paycheck Protection Program

SBA Release PPP Guidance on Self-Employment 

If you are a lender interested seeking more information on offering the Paycheck Protection Program,
contact Lisa Denson
with the TN Small Business Administration.

Ex-Im Programs for Exporters

You may have also seen that the Ex-Im Bank has made some adjustments to their export finance programs, including extending deadlines and streamlining the application requirements.  If I can help to facilitate an introduction to an Ex-Im Bank Specialist, I would be happy to do so.  Ex-Im provides: Bridge Financing Program, Pre-Delivery/Pre-Export Program, Supply Chain Financing, and Working Capital Guarantees with revised procedures. Companies of all sizes are eligible to apply:

Rural Community Resources

For rural communities, USDA and its Federal partners have programs that can be used to provide immediate and long-term assistance to rural communities affected by the COVID-19 outbreak. These programs can support recovery efforts for rural residents, businesses and communities through technical, training, and management assistance; financial assistance; and state and local assistance. Click here for more information:

Rural Communities Resource Guide:


The Federal Reserve is taking additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic. Learn more here.


The City of Memphis has created two micro-loan program to assist Memphis businesses experiencing hardships during the COVID19 pandemic. There are no fees to apply.

Economic Hardship Economy Fund OPEN NOW

Economic Hardship Economy Fund (EHE) offer loans from $2,000 to $5,000 and no interest for six months. Businesses and their owners must be located within the City of Memphis, have less than $1 million in annual revenue, be in business for at least three years, and be certified with the OBDC. Applications are now open for the EHE loan fund.


Memphis City Council is authorizing up to $1,000,000 in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

The loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and

  • Employee and compensation levels are maintained.

  • Loan amounts are capped at $5,000 and will be deferred for 6 months

City Council Emergency Relief PPP Information Sheet: Borrowers

Small Business Resiliency Loan Fund OPENS EARLY MAY

Small Business Resiliency (SBR) loan fund will offer loans from $5,000 to $35,000 and will delay repayment for 90 days. Applicants must show proof of being denied by the Small Business Administration or a SBA lender, must be located within a distressed community within Memphis, must be in business for at least three years, and must be certified with the City’s Office of Business Diversity & Compliance. The funds for the program are from the U.S. Department of Housing and Urban Development Community Development Block Grant program. Applications will be open by early May for the SBR fund. 

For more information or to get started, contact OBDC at 636-9300, 636-6210 or email Loan Administrator Jerry Brack at

EDGE Neighborhood Emergency Economic Development Grant

The EDGE Neighborhood Emergency Economic Development (NEED) Grant was created to provide relief to neighborhood-serving businesses in our city’s most distressed areas. Grants of up to $10,000 will be made to businesses located in New Markets Tax Credit Eligible Census Tracks throughout the City of Memphis that have experienced at least a 25% loss in revenue as a result of COVID-19.

There is a requirement to sign up with TSBDC for free business counseling services here:

If applicants have any questions, leave a message on the Grant line at 901-341-2100.

Apply for NEED Grant


Note: The application deadline was Monday, April 6, and the individual grants have been determined.

Welcome to Memphis COVID-19 Relief Fund

Starting today, hourly workers in the hospitality industry who have been terminated may apply for one-time grants online on the Welcome to Memphis website.

Welcome to Memphis Fund


Note: Loan funding is currently depleted. 

The Downtown Business Continuity – Forgivable Loan Program (Program) is designed to assist eligible businesses that are in serious jeopardy of permanent closure due solely to the recent COVID-19 pandemic and associated economic impacts. A review of both the financial history and the current financial condition of the business will be used to determine need and potential eligibility. The Program will provide direct financial assistance to existing, locally-owned, eligible businesses, with a preference for businesses operating continuously within the Central Business Improvement District (CBID) for a minimum of 12 months preceding the application submittal date. Applicants will also be considered if the business was open as of February 1, 2020, and the business owner/operator has a history of successful operations.

Loan applications will be accepted beginning April 2, 2020, and end when the approved funding is depleted.

Downtown Forgivable Loan


NOTE: The program deadline was April 17, 2020.

In response to the economic hardships experienced by small businesses resulting from the COVID-19 pandemic, MMDC is launching the Small Business Emergency Assistance Fund in an effort to retain jobs and stabilize Medical District businesses.

Businesses can request up to $15,000 in grant funding through this fund program. There are limited dollars for these funds; awards will be based on order of application received, application responses, demonstration of need and available dollars. Approval is at the sole discretion of the Memphis Medical District Collaborative.

MMDC Small Business Emergency Fund

US Chamber Save Small Business Fund

NOTE: This program has reached capacity and is not accepting new applicants at this time.

To combat the economic destruction threatening the survival of small businesses in every town across America, the US Chamber of Commerces launched the Save Small Business Initiative – a nationwide program to address small businesses’ immediate needs, mitigate closures and job losses and mobilize support for long term recovery.

The Save Small Business Fund is a grant making initiative offering short-term relief. To qualify:

  • 3-20 employees

  • be in an economically vulnerable area (45373 qualifies)

  • have been harmed by the COVID-19 pandemic

Information on the Save Small Business Fund –

Additional Resources

FedEx is taking applications through June 12 for $5,000 grants plus $500 in FedEx Office printing and business services to help small businesses weather the coronavirus pandemic.

  • Each grant recipient will receive $5,000, plus a $500 credit from FedEx Office that can be used for printing banners, posters, floor graphics, custom branded boxes, and more.

  • Applications are online at Applicants must answer questions about their businesses and provide employer identification number and 2019 sales revenue.

Pathway Lending is offering support with access to capital, educational, and technical services, including:

  • Pathway Lending Restart Tennessee Loan Application

    • Pathway Lending is providing accessible, affordable loans to help small businesses in Tennessee restart operations following interruptions from COVID-19. Funds can cover expenses to resume operations, including inventory, working capital, payroll and other mobilization expenses. Loan closing costs can be paid from the loan, too. Apply here.

  • A rapid recovery loan with expedited underwriting (24-48 hours), deferred payments (6 months), lower-than-normal interest rates (4%) and extended terms (66 months).

  • A Roadmap to Resiliency virtual training class to assist business owners in navigating through uncertainties, disruptions, and quickly changing circumstances.

Grantspace has an aggregated list of available grants for small businesses, artists, individuals, and nonprofits. 

Are we missing something? If your organization is offering a loan program that’s not listed here, let us know.