EDGE is committed to helping those seeking answers, as well as to protecting health in the community. Below, we’ve begun to compile a list of programs and resources to help businesses navigate this evolving landscape.
EDGE Neighborhood Emergency Economic Development (NEED) Grant - The 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.
City of Memphis Micro-Loan Program - These micro-loan programs will assist Memphis businesses experiencing hardships during the COVID-19 pandemic. There are no fees to apply.
- Economic Hardship Emergency Loan Fund - Open to all for-profit industries except, non-profit, government, religious or retail.
- Small Business Resiliency Loan Fund - Must follow the HUD guidelines for compliance with small business lending.
Downtown Business Continuity Forgivable Loan Program - A forgivable loan for assisting existing downtown businesses impacted by the COVID-19 pandemic and related economic impacts.
MMDC Small Business Emergency Assistance Fund - Businesses can request up to $15,000 in grant funding through this fund program.
River City Capital (Community LIFT) Recovery Loan - Up to $12,000 in funds, 60% forgivable
Pathway Lending is offering support with access to capital, educational, and technical services, including:
- 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.
For assistance with your application, you can view the National Development Council’s Helping Entrepreneurs Complete Strong PPP Applications webinar
Access all paper forms here.
Businesses who would like free assistance completing their applications can register by following these steps:
- Visit www.tsbdc.org
- Select "Request Free Advising"
- Select "Local Advising" and Choose Your County
- Complete the Requested Information (it's a SBA Form 641 for confidential counseling)
- A business counselor will contact you within 48 hours to set an appointment or start the process over the phone and/or via online video conferencing
Reopening and Recovery
After careful study of the data, and on the advice of medical experts including the Shelby County Health Department, the mayors of Memphis, Shelby County, and the six surrounding municipalities have determined that May 4, 2020 is the date that we can begin phase one of our Back to Business framework.
Tennessee Small Business Development Centers are offering informative webinars to help businesses get back up and running.
How to Restart Your Business after COVID-19
Date: Friday, May 29th from 12:00 p.m. to 2:00 p.m.
Presenter: Dr. NaShawn Branch, TSBDC
This webinar course is designed for existing small business owners who were directly affected by COVID-19 and have temporarily shut down. The online course helps small business owners understand how to relaunch a business. It includes strategies for changing a business model, resources, and free tools for operating in an online virtual environment.
The Greater Memphis Financial Empowerment Center is offering virtual financial counseling, including making sure the IRS has your bank information to receive your stimulus payment, budgeting, negotiating with creditors and more. To make an appointment, click here.
The Greater Memphis Chamber is committed to providing Business Guidance on COVID-19 for the business community. It has provided a wealth of helpful and informative tools, webinars and conference calls to help Memphis area businesses prepare and share information related to the impact of COVID-19.
Hosted by the Community Foundation of Greater Memphis Foundation, the Mid-South COVID-19 Regional Response Fund will provide flexible funding to organizations working with community members who have been impacted by novel Coronavirus and the economic consequences of the outbreak in our region of West Tennessee, eastern Arkansas, and northern Mississippi. The Fund is designed to complement the work of public health officials and expand local capacity to address all aspects of the outbreak as efficiently as possible.
State of Tennessee COVID-19 Resources
Given the #COVID19 outbreak, #IRS is suspending compliance programs temporarily to ease the burden on people facing tax issues.The IRS will also temporarily suspend many collections and enforcement activities. Visit www.irs.gov/coronavirus for more information.
Recommended strategies for employers to use now
- Actively encourage sick employees to stay home
- Separate sick employees
- Emphasize staying home when sick, respiratory etiquette and hand hygiene by all employees
- Perform routine environmental cleaning
- Advise employees before traveling to take certain steps
The Export Import Bank of the U.S. (EXIM) is committed to fully supporting the U.S. exporting community during this crisis. Their page will be updated with any information about EXIM's response activities.