Forgiveness Highlights
We are now accepting applications for PPP forgiveness of first draw loans.

First Horizon is pleased to announce that we are now accepting applications for PPP forgiveness of first draw loans. However, if you are considering a second draw PPP loan, you might consider waiting to apply for forgiveness on your first draw loan. Here’s why:

  • The SBA will not process a second draw PPP loan while an application for forgiveness is pending on a first draw loan.
  • As always, we recommend consulting with your accountant for guidance on timing that is specific to your situation.

If you are ready to apply for forgiveness, contact your banker who can send you a formal invitation to apply.

TIME-SENSITIVE NOTICE ABOUT PPP LOAN FORGIVENESS

A new 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 before December 27, 2020, and your business meets the controlling interest criteria above. You must submit a disclosure form no later than Tuesday, January 26, 2021.
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 applied for forgiveness before February 1, 2021, you’ve been sent an email from First Horizon Bank. In that email, there are details about obtaining and submitting this documentation.

If you have not yet applied for forgiveness, you will receive an email, 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 3/10/21, details are subject to change based on additional guidance from the SBA.