Trump signs additional $484 billion in Coronavirus stimulus funding

By Suzanne Gibson and Sherman Greer

President Donald A. Trump signed into law an additional $484 billion in coronavirus stimulus funding under the Paycheck Protection Program and Health Care Enhancement Act on April 24. This fourth round of stimulus relief includes $310 billion in additional lending authority for the Paycheck Protection Program (PPP) with some funds set aside to support loans issued by smaller lenders; $60 billion for separate disaster loans to small businesses; $75 billion for hospitals; and $25 billion for virus testing.

The Small Business Administration will continue to provide assistance on PPP loan applications beginning April 27, from approved lenders on behalf of any eligible borrower.

Small businesses seeking assistance with applying for stimulus funds in West Tennessee can turn to the Tennessee Small Business Development Center (TSBDC) at Southwest.  TSBDC is the key go-to resource in Shelby and Fayette Counties for small businesses seeking Economic Injury Disaster loans (EIDL), PPP loans and other SBA loan options.

TSBDC is also helping to provide assistance in the application process for the Neighborhood Emergency Economic Development Grant through a partnership with the Economic Development Growth Engine for Memphis and Shelby County (EDGE). The NEED grant provides relief to neighborhood-serving businesses in the city's most distressed areas. Allowances of up to $10,000 are made to eligible businesses that have experienced at least a 25% loss in revenue as a result of COVID-19. TSBCD will help identify resources and other survival and recovery strategies.

To be eligible for the NEED grant, businesses must register for advising and receive an initial assessment from TSBDC. EDGE may also accept verification of comparable business assessment and counseling from The City of Memphis Office of Diversity & Compliance, Communities Unlimited, Epicenter or another recognized small business assistance agency.