Updates from TSBDC


Please see general tips as well as tips for each program below, and be sure to click on the links for more information.

General:

  • Business owners may apply for all three programs- PPP, EIDL, and Unemployment.
  • 1099 employees cannot be counted in PPP or EIDL
  • No guidance has been given on a timeline for EIDL disbursements
  • Specific PPP questions should be directed to your bank
  • City of Chattanooga has launched their online application for grants and bridge loans (see below)
  • New regional resource hub launched: CHA Area Small Business Resource Dashboard
  • SBA is offering virtual office hours, today April 10th at 4:00 EST. Please see information below.
  • If you are an existing client, you may follow this link to schedule an appointment with one of our counselors: https://www.tsbdc.org/chscc/client/

(PPP) Payroll Protection Program:

  • Businesses in Tennessee are beginning to see approvals and disbursements.
  • You will need to apply directly through your bank, with whom you already bank commercially. Nearly all banks are only accepting their own clients.
  • Each bank may process somewhat differently.
  • It is best to contact your bank about specific application questions.
  • You can claim yourselves as “self-employed” and possibly get two months of forgivable loan  to cover “payroll”. You will have to prove that you did keep up your “payroll” for two months, or it will be a loan for 1% for 2 years.
  • There is not yet a list of approved lenders. Check with your bank.

EIDL:

  • We have not heard yet when disbursements will be made.
  • Every business is still encouraged to apply.
  • Every business, including sole proprietors, are eligible for UP TO $10,000 cash advance/forgiveable loan, which will be $1,000 per employee. You can claim yourself/owners, but not 1099 employees.
  • You have nothing to lose by applying for this cash advance. If you are denied the loan, you can still keep the cash advance. You will not have to pay this portion back, but it may be deducted from the forgiveable portion of the PPP if you also get approved for that.
  • It only takes a few minutes to go through the application online

City of Chattanooga Grants and Bridge Loans

  • Must have a physical location within Chattanooga city limits, for at least one year
  • For-profit businesses only
  • Cannot be home-based business, unless engaging in childcare or senior care services

Unemployment:

  • We typically don’t advise on unemployment at the TSBDC, but here is the link that they are funneling everyone through. This will require some patience as well, but they are updating the platform and the FAQs daily. 

SBA Office Hours

  • Beginning April 13th, SBAs virtual office hours will switch to ZOOM. That meeting information is forthcoming.

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