The U.S. SBA has recognized Tennessee as a declared state for Coronavirus (COVID-19) disaster assistance. If your business has been impacted, you can now apply at no cost for a disaster assistance loan.
- For eligible small businesses, churches and non-profits who have less than 500 employees or less than $35 million in revenue
- Up to $2 million in loan amount and are considered on a case-by-case basis.
- Can include an immediate one-time $10,000 emergency grant at time of application and it does not need to be repaid.
- Up to 30 years maturity
- Rates are 2.75% for non-profits and 3.75% for small businesses
- Does require credit underwriting, collateral and personal guarantee
- Non-forgivable loan
As of 3/30/2020, only two forms need to be filled out and uploaded at https://www.sba.gov/disaster/apply-for-disaster-loan/index.html for the payroll protection program (the forgivable loan as long as you keep people employed, including contract labor). This will cover 2.5 months of eligible comp., benefits, rents, utilities, to a maximum of $10,000,000. Eligible comp is only the first $100,000 of annualized wages per employee/independent contractor.