East Tennessee small businesses can utilize this page to stay up to date on federal coronavirus economic relief resources. Please monitor this page as it will be updated with additional information and new developments.
If you are looking for additional COVID-19 resources related to staying healthy, what to do if you get sick, and updates on the public health situation, please visit my COVID-19 health resources page.
Paycheck Protection Program:
The Paycheck Protection Program (PPP) re-opened for first draw applications on January 11, 2021. First Draw PPP loans are for borrowers who did not recieve a PPP loan before the program closed in August 2020. First draw borrows must be a small entity, nonprofit, veterans organization, tribal concern, self-employed individual, sole proprietorship, or independent contractor with 500 or fewer employees. First draw borrowers should complete this application and submit to a partipicating PPP lender. Borrowers can be matched with a lender here. First draw applications close on March 31, 2021, and more information about first draw loans is available here.
Second draw applications opened on January 13, 2021. Second Draw PPP loans are for borrowers who have already recieved a PPP loan, have 300 or fewer employees and can demonstrate a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. Second draw borrowers should complete this application and submit to a participating PPP lender. Borrowers can be matched with a lender here. Second draw applications close on March 31, 2021, and more information about second draw loans is available here.
On April 3, 2020, I sent a letter to more than 800 small business owners in East Tennessee notifying them loan applications through the Paycheck Protection Program (PPP) are now available. I encourage East Tennessee small businesses to check directly with their financial institution to determine their eligibility for the PPP, when they can expect financial assistance through the PPP, and what other loans and financial products are available. Additionally, I welcome feedback from small business owners about how the application process for COVID-19 related assistance is working and how it can be improved. You can read my full letter to small business owners here.
Economic Injury Disaster Loans:
Economic Injury Disaster Loans (EIDL) is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus. Small business owners and qualified agricultural businesses with 500 employees or less in all U.S. states and territories are eligible to apply for a low-interest loan due to the coronavirus. Click here to apply for an EIDL and visit the Small Business Administration's COVID-19 EIDL page for more information.
Shuttered Venue Operators Grant:
Shuttered Venue Operators (SVOs) are eligible for a Small Business Administration relief grant. Eligible entities include:
- Live venue operators or promoters
- Theatrical producers
- Live performing arts organization operators
- Relevant museum operators, zoos and aquariums who meet specific criteria
- Motion picture theater operators
- Talent representatives, and
- Each business entity owned by an eligible entity that also meets the eligibility requirements
Borrowers must have been in operation as of February 29, 2020, and must not have received a Paycheck Protection Program loan before December 27, 2020. Please visit the Small Business Administration's SVO page for more details, how to apply, and appropriate use of grant funding.