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Greater Memphis Chamber

COVID19

Recap: Congressman Kustoff COVID-19 Briefing Q&A

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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.

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COVID-19 Small Business Loans

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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. 
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief

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.gov/Disaster.

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:
https://www.sba.gov/document/support–express-bridge-loan-pilot-program-guide

SBA DISASTER ASSISTANCE RESPONSE PROGRAM 

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)

PAYCHECK PROTECTION ACT

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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Coronavirus Scams to Avoid & Be Aware Of

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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.

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Chamber Member Lenders Offering Payroll Protection Program

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On Friday, April 3, the U.S. Department of Treasury launched the Paycheck Protection Program (PPP). These loans will be offered on a first-come, first-served basis. If you have an existing relationship with a lender, it is advised that you reach out to them to begin the process. 

This list is updated frequently. If you are a lender offering the PPP and would like to be listed here, please let us know. 

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Federal Reserve launches Main Street Lending Program providing up to $2.3 trillion in loans

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The Federal Reserve on Thursday took 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.

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