{"id":15460,"date":"2020-03-18T19:00:17","date_gmt":"2020-03-19T00:00:17","guid":{"rendered":"http:\/\/www.paristn.net\/articles\/?p=15460"},"modified":"2020-03-18T18:33:48","modified_gmt":"2020-03-18T23:33:48","slug":"tennessee-governor-bill-lee-requests-economic-injury-disaster-loan-declaration-from-u-s-small-business-administration","status":"publish","type":"post","link":"https:\/\/www.paristn.net\/articles\/2020\/03\/18\/tennessee-governor-bill-lee-requests-economic-injury-disaster-loan-declaration-from-u-s-small-business-administration\/","title":{"rendered":"Tennessee Governor Bill Lee Requests Economic Injury Disaster Loan Declaration From U.S. Small Business Administration"},"content":{"rendered":"

\"TennesseeNashville, TN – <\/strong>Today, Wednesday, March 18th, 2020, Tennessee Governor Bill Lee announced he has submitted a request for Economic Injury Disaster Loan assistance to the U.S. Small Business Administration.<\/p>\n

\"Tennessee<\/a>

Tennessee Governor Bill Lee<\/p><\/div>\n

<\/p>\n

Once the declaration is made, all Tennessee small businesses and nonprofit organizations that have suffered economic injury as a result of COVID-19 will be eligible to apply for disaster loan assistance of up to $2 million per applicant.<\/p>\n

\u201cFor most of my life, I\u2019ve been a small business owner and understand the unique challenges each of you face,\u201d Lee said. \u201cWhile I am pleased with our progress on targeted relief for small businesses, we know this is just a first step from our federal partners to provide liquidity to our businesses. We are in constant dialogue with our delegation members to ensure that federal aid is responsive to our concerns and needs.\u201d<\/p>\n

The loans can be used to pay fixed debts, payroll, accounts payable or other bills that can\u2019t be paid due to the disaster\u2019s impact. Interest rates for the loans are 3.75% for small businesses and 2.75% for nonprofit organizations.<\/p>\n

The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower\u2019s ability to repay.<\/p>\n

More than 94 percent of Tennessee\u2019s private sector business establishments have fewer than 50 employees. This represents 151,500 businesses that employ over one million Tennesseans.<\/p>\n

Employment has increased 13.6 percent at these establishments over the last five years, placing Tennessee in the nation\u2019s top 10 states for small business growth.<\/p>\n

\u201cSmall business is the backbone of Tennessee\u2019s economy, and right now they have been faced with unprecedented challenges,\u201d TNECD Commissioner Bob Rolfe said. \u201cWe will continue to provide the necessary resources, information and support to help our small businesses overcome these obstacles as quickly as possible.\u201d<\/p>\n

[320left]Additional information about Economic Injury Disaster Loan assistance, along with instructions on where to apply, will be announced once the declaration has been received.<\/p>\n

Small businesses are encouraged to learn more about resources offered by the U.S. Small Business Administration at www.sba.gov<\/a><\/p>\n

Information about the SBA\u2019s District Office in Tennessee can be found here<\/a>.<\/p>\n

Up-to-date information on COVID-19 in Tennessee can be found here<\/a>.<\/p>\n

About Tennessee Department of Economic and Community Development<\/h4>\n

The Tennessee Department of Economic and Community Development\u2019s mission is to develop strategies that help make Tennessee the No. 1 location in the Southeast for high quality jobs. To grow and strengthen Tennessee, the department seeks to attract new corporate investment to the state and works with Tennessee companies to facilitate expansion and economic growth.<\/p>\n

Find us on the web: tnecd.com<\/a>. Follow us on Twitter<\/a> and Instagram<\/a>: @tnecd. Like us on Facebook: facebook.com\/tnecd<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nashville, TN – Today, Wednesday, March 18th, 2020, Tennessee Governor Bill Lee announced he has submitted a request for Economic Injury Disaster Loan assistance to the U.S. Small Business Administration.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[181],"tags":[12333,12675,12712,12773,284,4248,3350,3876],"class_list":["post-15460","post","type-post","status-publish","format-standard","hentry","category-government","tag-bill-lee","tag-coronavirus","tag-covid-19","tag-economic-injury-disaster-loan","tag-nashville-tn","tag-sba","tag-tennessee-governor","tag-u-s-small-business-administration"],"_links":{"self":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/15460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/comments?post=15460"}],"version-history":[{"count":1,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/15460\/revisions"}],"predecessor-version":[{"id":15461,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/15460\/revisions\/15461"}],"wp:attachment":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/media?parent=15460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/categories?post=15460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/tags?post=15460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}