Resources for companies affected by COVID-19 in Tennessee

POR Hispanic Entrepreneurs • May 04, 2020

From Hispanic Entrepreneurs we offer you a series of resources for companies affected by COVID-19 in Tennessee. All businesses have been affected in one way or another, so we invite you to evaluate the options available in the state.

Guidance for companies

Businesses are essential to tackle the coronavirus pandemic by helping to stop the spread. But also to keep the state's economy going.

Many have been affected by the crisis and have taken measures such as temporary closure, downsizing, among others.

The most common problems they face are access to capital, labor force capacity, inventory deficit, changes in demand, marketing strategy modifications, sanitation costs, among others.

In view of this, both the federal and regional governments - together with various organizations - are working to help them cope with the impact of the crisis. At the same time, they offer guidelines for employers to know what to do in the face of the pandemic.

For example, the Center for Disease Control and Prevention published the guidance for companies and employers to respond to coronavirus disease. This guide indicates how to prepare companies, what to do in case of infections, how to reduce the transmission between employees, among other points.

In addition to these, various resources have been activated to which small companies, employees and the self-employed can turn to overcome the crisis. Here are some of them.

Resources for companies affected by COVID-19

Check Protection Program

As part of the Coronavirus Relief and Economic Aid Act, Tennessee Small Businesses Affected by COVID-19 they can apply for loans through the SBA Check Protection Program.

The purpose of these forgivable loans is to help companies maintain operations and resist the impact of the crisis. As well as helping them support their employees.

Companies wishing to access the PPP must have fewer than 500 employees. In addition, the resources that are delivered are for the payment of payroll and other commercial expenses such as rent, public services and mortgage interests.

All the conditions to apply to the program are on the SBA website. Likewise, it should be noted that they have a maturity of 2 years, with an interest rate of 0.5% and do not require guarantees.

Disaster Loans for Economic Damage

It is another of the SBA loans to help companies and non-profit organizations affected by the COVID-19 crisis. Financial aid is limited to $ 2 million per applicant, with an interest rate of 3.75% for small businesses and 2.75% for nonprofit organizations.

The payment terms offered by the SBA are up to 30 years; however, this will be determined in case. Furthermore, requests can be made online. They can also call the SBA Customer Service Center at (800) 659-2955 or send an email for more information.

Unemployment claims

The pandemic has caused a reduction in hours, personnel and temporary closure of companies. Consequently, many citizens have become unemployed. If this is the case, they can file the unemployment claim through the website www.Jobs4TN.gov.

Unemployment insurance provides temporary benefits to people who have lost their job through no fault of their own.

Companies affected by COVID-19 can also file an unemployment claim for their employees.

Tennessee Talent Exchange

The Tennessee Talent Exchange program seeks to match unemployed by the COVID-19 crisis with companies that have job opportunities.

This TN Department of Labor and Workforce initiative connects applicants with grocery, retail and logistics companies. Because these industries are the ones with the highest demand for personnel at the moment.

Those interested in applying to the program must do so through https://www.jobs4tn.gov/vosnet/Default.aspx.

COVID-19 support organizations

Various organizations have been activated to offer support to Tennessee businesses. For example, Score dedicates a page on its website to information about the coronavirus (https://www.score.org/coronavirus). In addition, it offers another type of support to the business community.

Here's how some of these organizations help:

Score. Do online mentoring, as well as organize webinars and online workshops.
LaunchTn. He published a complete list of resources where you will find how to keep your business active during and after the pandemic. There are also opportunities for innovation, virtual events, etc.
Life Science Tennessee. It also prepared a list of resources focused on the investigation and fight against COVID-19.
Regional resources. Regional organizations also have as a priority at this time the fight against the crisis. Go to the chamber of commerce or entrepreneurs center of your city in search of information.

These and other resources for companies affected by COVID-19 are intended to help businesses overcome the crisis. Stay informed and go to support organizations to reduce the impact on your venture.