Coronavirus Resources for Tennessee Small Businesses and Entrepreneurs
Like the rest of the world, Tennessee is currently adapting to significant changes aimed at curbing the spread of the novel coronavirus. With schools, public services, and non-essential businesses shut down, employers and employees alike are struggling to make ends meet.
Countless employees have been let go from work, laid off, or quarantined due to potential exposure to COVID-19, and there doesn’t seem to be an end in sight, forcing companies to adapt and to seek support and relief wherever it is offered.
How The Government is Helping
The United States federal government recently passed the CARES Act (Coronavirus Aid, Relief, and Economic Security). This massive initiative provides stimulus packages to businesses and vital support to individuals impacted by the loss of work.
SBA Disaster Loans
Small companies comprise 95% of businesses in Tennessee and employ more than one million of our state’s citizens. The hospitality industry has been hit especially hard, but nobody is unaffected.
The SBA is offering disaster loans to help keep businesses afloat and to mitigate the loss of jobs and services during this time. Small businesses and non-profit organizations, pending a successful application, have access to loans of up to $2 million with low-interest rates. This relief money can help to stabilize the local economy as we transition through this period of crisis, enabling small businesses to get through the next few months.
Vital Support for Nashville’s Most Vulnerable
Nashville’s COVID-19 Response Fund is helping vulnerable populations in the city. Nashville’s Mayor, John Cooper, spearheaded this philanthropic collective of government and business partners. The fund focuses on bringing aid to those who have either lost work or become ill. The Response Fund is quickly rolling out resources to provide the necessities of life to the community and has already raised over $3 million towards the cause.
Businesses Development and Other Supports
Business development centers across the state and country are offering business counsel and mentorship, aiding with planning, and directing business owners to the appropriate resources. In the effort to keep on keeping on, we highly recommend accessing every resource at your disposal.
Even Tennessee’s Broadband Association is working together to ensure that rural communities have sustained internet access. The TBA is offering free Wi-Fi hotspots, waiving late fees and will not terminate internet connections if subscribers cannot pay their bill on time. Staying connected is now more critical than ever, and with TBAs ‘Keep Americans Connected Pledge,’ rural Tennesseans will not have to go without it.
Do You Know What You Are Eligible For?
If you are worried about the financial burden caused by the coronavirus, we urge you to access as many resources as you can. Whether you are a small business operator or member of Tennessee’s workforce, know that you do have options.
Small businesses are the heart and soul of Tennessee’s economy, but we are stronger together. If you have questions about your options or if you need to access professional services to help you stay in business, reach out to the friendly folks at Green Hills Office Suites today.