If you own a small business (fewer than 500 employees), starting TODAY you can apply for a 100% forgivable loan to keep everyone on the payroll.
Who is eligible? Loans through the Paycheck Protection Program are available to small businesses, veteran organizations, eligible nonprofits and religious organizations, and eligible independently owned franchises. For information about eligibility, follow this link.
When do applications open? Today! Starting April 3, small businesses and sole proprietorships can receive loans to cover their payroll and other certain expenses. Starting April 10, independent contractors and self-employed individuals can apply.
When must the money be paid back? The loan is 100% forgivable. The loan is forgiven in proportion to the employees kept on the payroll for eight weeks, and if remaining money is used for payroll, rent, mortgage, or utilities. For a full summary of how the loan works, follow this link.
Questions? If you need help applying, the Department of Economic and Community Development is hosting two webinars each day to help. Join a meeting Monday through Friday at 9am or 3pm CST. Follow this link to join.
The application is simple. When in doubt, apply!
There are many more resources for small businesses in Tennessee. The administration regularly posts updates and information on this page. Further resources for small businesses from the Department of Economic and Community Development is available here.
As always, if there is anything I can help with directly, please do not hesitate to reach out.