As we enter Phase 2 of reopening in Memphis and Shelby County, please reach out via the link at the end of this email if we can help navigate the process in any way. In the meantime, below are additional, curated resources that we think are helpful this week:
Guidance for Navigating Loans under the Paycheck Protection Program
Funds under the Paycheck Protection Program (PPP) are still available to support small businesses. The U.S. Chamber of Commerce has published a guide for navigating the PPP loan forgiveness process. This guide was designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.
Where to Get Supplies for Phase 2 Compliance
The Greater Memphis Chamber has a list of local suppliers of sanitation products, signage, and PPE needed to comply with Phase 2. You can view the list here or let the Chamber know if your organization offers these products by contacting them via email.
For more information about industry-specific protocols in Phase 2 of the Memphis and Shelby County Back to Business Framework, view the grid for sector-specific phasing from the City of Memphis. You can also review general business standardsfor COVID-19 Compliance.
LOCAL FUNDING RESOURCES
Beyond federal assistance, many of our partners are offering grants and loans for small businesses and startups. Below is a list of some of those opportunities:
- Economic Hardship Emergency Loan Fund from the City of Memphis
Available to businesses in all for-profit industries, except non-profit, government, religious or retail, within the City of Memphis.
TO APPLY: Contact the City of Memphis Office of Business Diversity and Compliance by phone at 901-636-9300 or email Jerry Brack, Loan Administrator, at firstname.lastname@example.org
- NEED (Neighborhood Emergency Economic Development) Grant from EDGE
Available to businesses located in New Markets Tax Credit Eligible Census Tracks throughout the City of Memphis that have experienced at least a 25% loss in revenue as a result of COVID-19
- Restart Loan Program from Pathway Lending
Pathway Lending is providing accessible, affordable loans up to $25,000 to help small, minority- and women-owned businesses in Memphis and Shelby County restart following COVID-19. More Information
TO APPLY: Visit www.PathwayLending.org or call Travis Hughes at (888) 533-7284
- FedEx #SupportSmall Grants
FedEx is committing $1 million worth of grants to small U.S. businesses that have been greatly impacted financially by the COVID-19 crisis in the U.S. The application deadline for the grant is June 12.
- BONUS: Here’s a list from CNBC of financial resources for women and minority business owners. One note: some of the deadlines for funds listed may already have passed.
FOR YOUR CALENDAR
Loan Forgiveness and QuickBooks Tracking
Presented by Grant Station on June 9, 2020 at 1:00 p.m. CST
So you got your PPP loan. Now what? In this interactive webinar, Gregg Bossen, CPA will help you interpret the latest PPP loan forgiveness guidelines, including how to maximize the amount of forgiveness of your COVID-19 PPP loan as well as how to best track the costs within your QuickBooks file.
CO.STARTERS Get Started Workshop
June 17, 2020, from 5:30 p.m. to 8:30 p.m.
Get Started workshops by CO.STARTERS are designed to give aspiring entrepreneurs an opportunity to collaborate with members of the community as they explore, expand and refine early-stage business ideas.
During these workshops, attendees learn how to apply their ideas to the business model canvas, learn about the importance of customer feedback, and how to create action plans that set realistic goals for their business.