President Trump announced a $50 billion aid package to support small businesses impacted by the COVID-19 emergency, including a major block of federally sponsored funding to small businesses through the Small Business Administration (“SBA”). [Trump Calls for $50B in SBA Loans to Combat COVID-19] SBA will administer loans to impacted businesses through the Economic Injury Disaster Loan (EIDL) Program, which is a direct lending program through the SBA:
- The loan program provides capital to businesses impacted by natural disasters, such as the COVID-19 emergency.
- Loans of up to $2 million are available at very low rates for up to 30 year terms.
- Loan proceeds may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
- On a case by case basis, loans offered under this program may have a forgiveness clause as a feature.
In order for businesses to gain access to the program, they must be within an area that has been designated as an impacted area (state of emergency) by the Governor of the impacted state. As of 3/18/2020 Tennessee has not been designated as eligible for the COVID-19 EIDL program but we anticipate an announcement in the near future.
TN Businesses Now Eligible for SBA Loans! Read more here.
Please visit follow the designations here.
These loans carry higher risks and low interest rates and are designed as an abatement measure to sustain businesses. As a result, this program is offered directly through the SBA and not partner banks.
Impacted businesses:
Please visit here for more information. You will likely expedite your electronic application submission if you collect all of the required information prior to the electronic submission. Please visit review the SBA Form 5 (found here) to understand the documentation and information required for the disaster loan application. Additional documentation referenced within SBA Form 5 can be found here. Please note that the purpose of reviewing these forms is to understand the information required for electronic submission.
To apply, please visit here.
Additional questions can be answered by the SBA Disaster Loan processing center at 1-800-659-2955.
COVID-19 Posts:
- $2.5M Grant for Restaurant Workers
- NRA Summary of PPP 2nd Draw: Helping Restaurants & Small Businesses
- From the NRA: What the COVID-19 Relief Bill Means for Restaurants
- MRA Statement on Health Directive 16
- Survey About Closing Dining Rooms
- Tips on PPP & Loan Forgiveness
- Quarantine Protocol Updated Dec 4
- Health Department Meeting Thursday, December 3
- Signed letter from Memphis Restaurant Association
- Front Door Printable for HD 15
- Shelby County Commission Meeting Is Today
- Health Directive 15 Statement Input
- Nov 20 Health Department Update
- Webinar With Poplar Health on Pool Testing
- Nov 16 Health Department Update
- Shelby County Health Directive 13 – October 6
- Record a Video for More Relief Now
- Free webinars
- Memphis Restaurant Association Free Printables
- Governor Lee Extends to Go Drinks for Restaurants Through September
- Join the ServSafe Dining Commitment
- Shelby County Health Directive 8
- Lbd Delivery Extended Again With Executive Order
- TN Gov. Lee Announces Relief Program – No Details Yet on How to Apply
- 1-Click Email to TN Senators About PPP
- Free Bilingual COVID-19 Testing by Church Health & St. Michael’s Catholic Church May 29
- Members Who Offer COVID Supplies and Services
- Special Ojo Scooters Promotion for Restaurants
- POS Companies Offering Online Ordering and Curbside Options
- Shelby County Back to Business Requirements
- Free Printable Sign to Screen Your Customers
- Please respond to this survey
- Face Masks available today – Friday, May 1
- Tennessee Business Reopening Protocol
- Members Offering Cleaning Services and Cleaning Supplies
- April 14 LBD Information (Updated)
- Grants and Loans – Money Available for Businesses & Staff
- Apply for the Payroll Protection Program, Which Is Included in the Cares Act
- TN 15% LBD Tax On Hold
- Negotiating With Your Landlord
- Marketing and Compliance Tips for Delivery, To-Go, Curbside
- 3rd Party Delivery Services
- Gov. Bill Lee Permits To-Go and Delivery Wine Sales in TN
- Work for the Service Industry
- Taste901ToGo Social Media Campaign
- Ways you can help
- To-Go Beer Sales Ordinance Passed
- Curbside Parking
- Ways You Can Take Action
- Memphis restaurants that are open for business
- COVID-19 Resources and Links
- TN Businesses Now Eligible for SBA Loans!
- Do I Still Have to Pay Taxes During the Pandemic
- GoFundMe by Edible Memphis
- Relief Grants for the Hospitality Industry
- How to File Loss of Income Insurance
- Act Now US Travel Petition – Sign By Noon Friday Mar 20
- ALERT!!! Mandate to Close ALL Restaurants- Dine-In Only will come from Mayor Strickland this afternoon!
- COVID-19 update from MRA