On Tuesday, January 19, First Horizon Bank will begin accepting applications for PPP loans. To get started, contact your banker. Your banker will explain the process and provide a link to an online application portal.
If you do not have a banker, contact one of our conveniently located banking centers.
Thank you for your business, patience and trust during this important time in the life of your business.
If you have an existing loan – or applied for a PPP loan in the past that was returned – here are some of the notable changes:
Those who have already received a PPP loan may be eligible for another loan which is being referred to as a “second draw loan”. However, these second draw loans have fairly strict requirements.
Types of businesses or organizations previously ineligible to apply for a loan but now able to apply include:
Businesses that are now ineligible to participate in PPP (including both first and second draw loans) going forward include businesses whose stock or other ownership interests are publicly traded and businesses in which a member of Congress or head of any federal executive agency (or his or her spouse) owns a controlling interest.
Although there are many changes as a result of the newly passed Act, some things remain the same for PPP loans
*As of 1/13/21, details are subject to change based on additional guidance from the SBA.