During the pause on applications, we received feedback that was full of both optimism and frustration – something echoed by many small business customers of banks across the country. The flood of demand has simply overwhelmed the banking industry and the SBA. Working night and day over the last few weeks, our bank was able to process thousands of requests and over a billion dollars in relief money. But, like other financial institutions, we simply were not able to address all the need. As we move into the second round of funding, here’s what you need to know:
With so much interest and demand for the program, but a limited amount of funds available from the SBA Paycheck Protection Program, our first priority will be to process the applications already in progress, which fall into one of three categories. Here is information for each:
For those who haven’t yet started an application, we encourage you to do so immediately, by contacting your banker today. If you don’t have a banker, submit our appointment form (below) to start a connection. If you are not a First Horizon customer, please understand that the process will likely be longer based on legal requirements for establishing a new banking relationship. You’ll need to review and prepare the following forms:
For expediency, you may want to consider reaching out to your existing bank if they are an SBA-preferred lender.
It is important to understand that neither a discussion nor application is the same as an approved loan.
Whether you’ve received a loan under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) or you’re in the process of applying, we want to remind you that eligibility to apply is the borrower’s responsibility to determine and certify. To assist you in this process the U.S. Government has issued guidance in relation to this requirement, which you can read about here.
Review details of the Paycheck Protection Program and the type of financial relief the program offers to approved small business applicants.