The “Tennessee Pledge” is a plan to help Tennesseans get back to work in a safe environment, restore their livelihoods and reboot our state’s economy.
Shelby County Health Department DETAILS ON PHASE ONE:
FORMAL ISSUANCE OF HEALTH DIRECTIVE NO. 3
Phase One is Effective May 4th – May 18th unless superseded before then.
First Horizon, 6891 US Hwy 70, Bartlett, TN 38133
Heather Nash, Branch Manager (901) 385-3029
Lester Brown, Branch Manager (901) 385-3029Apply ONLINE
Trustmark Bank, 6767 Summer Ave. Bartlett, TN 38134
Linda Barton, VP/Branch Manager (901) 386-3131
Rachel Landsdown, VP (901) 309-6217Apply ONLINE
Renasant Bank, 6671 Summer Ave. Suite 101, Bartlett, TN 38134
Cathy Baker, Business Banker (901) 390-2753
Benita McNeer, (901) 312-4067
BancorpSouth, 6675 Stage Rd. Bartlett, TN 38134
Dion Gray, Branch Manager (901) 382-2265
Kenny Harris, Commercial Lending (901) 382-2265
Bank of Bartlett, 6281 Stage Rd., Bartlett, TN 38134
Customer Care Department (901) 382-6600
Option 3 for a Representative
To apply for a COVID-19 SBA Economic Injury Disaster Loan, click here.
In response to the Coronavirus (COVID-19) pandemic, small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
If you missed the Small Business Disaster Relief Loan Webinar on March 25th, please watch a recording HERE.
Find all of the necessary forms to file your small business loan, as well as Lindsey’s complete presentation HERE
Understanding Coronavirus Aid, Relief, and Economic Security Act (CARES)
Loans under the PPP are available to a wider range of eligible companies than the typical SBA loan:
– FIND AN ELIGIBLE LENDER
– Open to for profit and non-profit businesses (non-profit is classified as a 501(c)(3) and 501(c)(19) organization) with less than 500 employees
– If SBA normal size standard under NAICS code allows for greater than 500 employees, the larger company will also be eligible
– Open to self-employed or individual contractors
Business Tax Changes:
The CARES Act makes select changes to taxes and tax policies in order to ease the burden on businesses impacted by COVID-19.
- Businesses are eligible for an employee retention tax credit if 1.) your business operations were fully or partially suspended due to a COVID-19 shut-down order; or 2.) gross receipts declined by more than 50% compared to the same quarter in the prior year. Eligible businesses can get a refundable 50% tax credit on wages up to $10,000 per employee. The credit can be obtained on wages paid or incurred from March 13, 2020, through December 31, 2020.
- Businesses and self-employed individuals can delay their payroll tax payments. These payments, the employer share of Social Security tax owed for 2020, can instead be deferred and paid over the next two years. Fifty percent must be paid by the end of 2021 and 50% must be paid by the end of 2022. (Note: The ability to defer these taxes does not apply to a business that has a Paycheck Protection loan forgiven.)
- Businesses that have net operating losses (NOLs) have some limitations relaxed. If your business had an NOL in a tax year beginning in 2018, 2019, or 2020, that NOL can be now be carried back five years instead. This may improve cash flow and liquidity for some businesses. Pass-through businesses and sole proprietors will also be able to take advantage of the relaxed NOL limitations.
- Businesses that were due to receive corporate alternative minimum tax (AMT) credits at the end of 2021 can instead claim a refund now, in order to improve cash flow during the COVID-19 emergency.
- Businesses will be able to increase their business interest expense deductions on their tax returns. For 2019 and 2020, the amount of interest expense businesses are allowed to deduct on their tax returns is increased to 50% from 30% of taxable income.
- Businesses, especially those in the hospitality industry, will be able to immediately write off costs associated with improving facilities, increasing cash flow.
- The government will make a temporary exception from the excise tax normally applied to alcohol, if that alcohol was used to produce hand sanitizer in 2020.
Many of these changes will apply to small businesses all over the country, so it is vital to discuss with a tax professional which can apply to your company.
IT Solutions – Letting Your Employees Work From Home
- Micro Computer Technologies Inc (in Bartlett) offers free consultation for secure server set up – in order to move your office life to home; as well as a multitude of other services.
- Stay Connected with Google
- Try G-Suite for free through July 1st.
- Communicating Through the Coronavirus Crisis
- Harvard Business Review
- Need to communicate with more than your local employees? Local company Behind the Scenes organizes entirely virtual events.
- Memphis Communications Corporation offers audio, visual and lighting solutions for your transfer to a remote working environment.
Do you need help communicating with your employees about the protective measures you are taking?
Click here for a customizable workplace flyer.
Important Links for Your Employees
- Testing Sites Across Tennessee
- Economic Impact Tax Payments
- Tax Day Moved to July 15th 2020 – Regardless of Amount Owed
- Please check back for updated information on unemployment and unemployment insurance in Tennessee.
- File for Unemployment
As a Chamber of Commerce we are committed to the economic health and prosperity of the Bartlett area. We pledge to do everything we can to ensure a sound economy.