Businesses of all sizes and their employees will be economically impacted by COVID-19. There are resources available to help understand the effects of Coronavirus on businesses, as well as provide financial assistance to those that may be struggling. I encourage East Tennessee small businesses to utilize this page for staying up to date on the resources that could help mitigate the economic effects of Coronavirus. Please continue to 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 resource page.
On March 17, I called on Governor Bill Lee to designate Tennessee a Coronavirus disaster area. This declaration would make small businesses in Tennessee eligible for Economic Disaster Relief Loans, helping offset the impact of COVID-19 on small business owners and their employees. You can read my full letter to Governor Lee here. RELATED: Small Business Administration Updates Criteria on States for Requesting COVID-19 Disaster Assistance Loans
On March 20, SBA Administrator Jovita Carranza approved Governor Lee's request to declare Tennessee a Coronavirus disaster area. Small businesses across Tennessee and in our communities are now eligible for Economic Relief Disaster Loans, click here to learn how to apply. Constituents may also call the SBA's Customer Service Center at (800)-659-2955 or email firstname.lastname@example.org for more information about disaster assistance.
On April 3, 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.
On April 23, I voted for the Paycheck Protection Program and Health Care Enhancement Act. This legislation, which was signed into law by President Trump, approves an additional $310 billion for the Paycheck Protection Program and an additional $60 billion for Economic Injury Disaster Loans. These two programs are popular with small businesses, keeping folks employed and stopping small businesses from closing their doors.