A. Schwab, Peanut Shoppe among businesses seeking emergency loans

By , Daily Memphian Updated: April 17, 2020 4:53 PM CT | Published: April 15, 2020 4:34 PM CT

A dozen more Downtown businesses will be considered for a total of $79,900 in forgivable loans to help them cope with the effects of the COVID-19 pandemic.


Forgivable loans approved for 8 Downtown businesses


This second group of businesses applying for the program range from Beale Street’s 144-year-old A. Schwab specialty retail store to The Peanut Shoppe on the Main Street Mall.

The Center City Development Corp. will consider the applications in a teleconference meeting 9 a.m. on Friday, April 17.

The forgivable loans range from $2,400 to $10,000. The money is designed to help the businesses survive either temporary closure or severe drops in revenue because of the social-distancing requirements due to COVID-19.

The first eight companies were awarded loans on Monday, April 13, totaling about $55,100.

The Center City Development Corp. is trying to spread the program’s $200,000 total to as many businesses as possible. More than 50 businesses had applied by earlier this week.

On the agenda for review on Friday are:

  • $2,400 for The Peanut Shoppe, 24 S. Main, which remains open; 
  • $5,000 for Qahwa Coffee Bar, 109 N. Main, which is now take-out only and has seen revenue drop by 60%;
  • $5,000 for Chef Tam’s Underground Café, 668 Union, which has temporarily closed;
  • $7,500 for Pontotoc restaurant, 314 S. Main, which has temporarily closed;
  • $7,500 for Bluff City Coffee, 505 S. Main, which has experienced “a complete halt in business,” according to the agency’s staff report;
  • $10,000 for Havana Mix Cigar Emporium, 250 Peabody Place, which has had a 90% drop in sales;
  • $7,500 for Max’s Sports Bar, 115 G.E. Patterson, which has experienced a substantial drop in revenue;
  • $7,500 for WKND Hang Suite restaurant and bar, 115 Vance, where business has come to a “complete halt;”
  • $10,000 for A. Schwab, 163 Beale, which has temporarily closed;
  • $5,000 for Sam’s Main Eatery, 7 N. Main, where sales have dropped 80%;
  • $5,000 for Stock & Belle art, apparel and furniture store, 387 S. Main, which has temporarily closed;
  • And $7,500 for Rizzo’s Diner, 492 S. Main, which has cut back to carry-out sales only.

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COVID-19 in Memphis and Shelby County: April

Topics

COVID-19 Downtown Memphis Commission Center City Development Corp.
Tom Bailey

Tom Bailey

Tom Bailey covers business news for The Daily Memphian. A Tupelo, Mississippi, native, he graduated from Mississippi State University. He's worked in journalism for 40 years and has lived in Midtown for 36 years.


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