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Apply for Forgiveness
We are now accepting applications for PPP forgiveness of first- and second-draw loans.
First Horizon is pleased to announce that we are now accepting applications for PPP forgiveness of first- and second-draw loans.
PRO TIP BEFORE YOU APPLY: A common issue at the beginning of the application process is incomplete documentation. Before you apply for forgiveness, review the Forgiveness Borrower’s Checklist. It will help you understand requirements based on which application your business used and how the PPP funds were spent. Incomplete or missing documentation will cause your application to be delayed and extend the time required to complete the forgiveness of your PPP loan.
TIME-SENSITIVE NOTICE ABOUT PPP LOAN FORGIVENESS
A requirement has been issued by the SBA as part of the Paycheck Protection Program (PPP). Check the information below and see if it applies to your situation.
A business must submit a disclosure form in connection with its forgiveness application if:
- The business received a PPP loan in 2020; and
- On the date of the loan application, any of the following directly or indirectly held a 20% or higher interest in the business:
- President of the United States,
- Vice President of the United States,
- Head of an executive department,
- Member of Congress, or
- Spouse of any of these persons
Documentation Deadlines for Disclosing Controlling Interest
|Date you applied for forgiveness||Date disclosure form is due if controlling interest condition applies|
|You applied for forgiveness after December 27, 2020, and your business meets the controlling interest criteria above.||You must complete and submit a disclosure form within 30 days from when you eSigned your forgiveness application.|
|You have not yet applied for forgiveness, and your business meets the controlling interest criteria above.||You must complete and submit a disclosure form within 30 days from when you eSign your forgiveness application.|
How to get a disclosure form
If you have not yet applied for forgiveness, you will receive an email at a later date with details.
Please contact your banker if you have questions about this or other requirements of the PPP. Thank you for your trust and your business.
As of 08/09/21; details are subject to change based on additional guidance from the SBA.