Updated Covid-19 Relief and Recovery Funding Options Guidance

Tennessee District Office 

u s small business administration

SBA Coronavirus Funding Options

paycheck protection program, PPP

Updated PPP Applications and Guidance for Sole Proprietors

 

Guidance & Forms: Paycheck Protection Program (sba.gov)

New: Application Deadline Extended until May 31, 2021

 

 

PPP Forgiveness Update 

Guidance & Forms: PPP Loan Forgiveness (sba.gov)

  • Interim Final Rules on Forgiveness 
  • Forgiveness Forms and Instructions
  • Frequently Asked Questions on Forgiveness

SBA will no longer deduct EIDL Advances from forgiveness payments remitted to PPP lenders.

 For Borrowers with a PPP of $150,000 or Less, Streamlined Forgiveness  Application Now Available-Form 3508S

Note:  Borrowers should work with their PPP lenders on forgiveness.


EIDL

Economic Injury Disaster Loan (EIDL)

In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19. 

Guidance & Information 

  • Deadline to Apply is December 31, 2021
  • EIDL Inquiries:
    • For questions regarding an EIDL application, please be aware that the SBA Tennessee District does not have access to the disaster loan database. Inquiries should be directed to:
    • SBA Disaster Customer Service Center at 1-800-659-2955 or TTY 1-800-877-8339 or
    • Email disastercustomerservice@sba.gov

New: Increases in Loan Amounts

  • Some loans approved prior to the week of April 6, 2021 will be eligible for an increase based on new loan maximum amounts announced March 24, 2021. 
  • Businesses that received a loan subject to current loan limit do not need to submit a request for an increase at this time. SBA will reach out directly via email closer to the April 6, 2021 implementation date to provide more details about how businesses can request an increase.

Targeted EIDL Advance

COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency. The SBA has started emailing small businesses that received and EIDL Advance in 2020 from $1,000 to $9,000 with an invitation to apply for this relief.

 


Debt relief

SBA Debt Relief 

SBA extends a crucial lifeline to borrowers impacted by COVID-19 with debt relief principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans. The Economic Aid Act revised the eligibility criteria for assistance to include all 7(a), 504, and Microloans approved up to September 27, 2020. All other provisions for initial debt relief remain the same. 

Borrowers need not apply for this assistance. 

For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through March 31, 2022.

Guidance and Information


 

Shuttered Venue Operators Grant Program

Shuttered Venue Operators Grant (SVOG)

The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.

Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

Guidance: Shuttered Venue Operators Grant (sba.gov)

Video Tutorials:

SVOG Application Portal Opening on April 8, 2021


 

ID Tehft

Report ID Theft and Fraud

Instructions for businesses on how to report ID theft and fraud to SBA.

Learn More