Prepare to Apply

Applying for funding: What you need to know

The PPP loan application deadline has been extended. Congress recently passed a deadline extension for PPP loan applications until the end of May that allows us to resume accepting applications.

Here is what you need to know about your submission:

What to expect:
  • Your banker will explain the process and provide an email with a link to the online loan application portal.
  • The portal is designed to streamline the loan application process. As you complete the application, let your banker know if you have any questions.
  • Important note: Currently, the SBA will not approve a request for a second PPP loan if there is a pending forgiveness application for a first PPP loan. Consult your tax advisor on timing that is most appropriate for you.

What you'll need to apply:

  • You’ll need to include the Borrower's Certification and the appropriate Supplemental Application:
  • Schedule C borrowers – Sole proprietors, independent contractors and self-employed individuals (Schedule C borrowers) are now able to apply. The same application deadline above applies to these borrowers.

For guidance along the way:

As of 3/23/21


Addressing the recent SBA processing delays

Early on, the SBA indicated that the second round PPP application process would be slower than the previous round. Due to issues with the SBA’s application review process:

  • The SBA is conducting borrower reviews before assigning loan numbers.
  • There are a number of unresolved SBA processing issues, including hold/error codes and application rejections due to Taxpayer Identification Number (TIN) issues.
  • Also, the SBA is experiencing unresolved technical problems with the current PPP process. As a result, a significant percentage of applications are impacted.

Here is a letter from the CBA, Consumer Bankers Association, providing more details.

These are known issues within the SBA program that are not unique to First Horizon and are impacting banks across the country.

We appreciate our clients’ understanding and patience during this time. We remain committed to updating this site with information as it becomes available.


If you're not quite ready to apply, here are a few steps to help you prepare:

  • If applying for a second loan, review your initial PPP loan application and be prepared to update or supplement where appropriate.
  • Gather tax and financial information for 2020 as this information may be necessary for some applicants.
  • Review your payroll information to determine which base period for calculating your loan amount makes the most sense to you.
  • Talk to your accounting or legal advisor about your particular circumstances.

If you are not a current First Horizon client seeking funding, 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 this form

If you are a new borrower, please refer to the checklist below which outlines documentation required to onboard with our institution:

Throughout the process, please remember:

  • Neither a discussion nor an application is the same as an approved loan.
  • Details are subject to change based on additional guidance from the SBA.

Applying for forgiveness: What you need to know

If you’d like to get started with your application, please reach out to your banker. They will add you to a list to receive an email with details about the online forgiveness application process.

With continuous guidance coming from the SBA regarding the forgiveness process, consider the following before you proceed with a forgiveness application:

  • Get trusted advice. Talk to an accountant or legal advisor about changes made to PPP rules to-date and any expected changes. Every situation is unique, and each borrower needs to determine the best approach for its circumstances.
  • Make a choice about your application. Keep in mind that the SBA will not process a second draw request for PPP funding while there is a pending application for first draw forgiveness. So, if you are considering applying for additional PPP funds, you might consider waiting to apply for first draw forgiveness.
  • If your application is in process, you can “pause” the forgiveness process by not executing the DocuSign.
  • If you have already applied and your application is with the SBA for review, we may not be able to withdraw it.

*As of 3/10/21, details are subject to change based on additional guidance from the SBA.


The White House announces PPP changes to help small firms

Monday, February 22, the White House announced PPP loan changes to help small firms, which: 

  • Set aside $1 billion in PPP funding for sole proprietors, independent contractors and self-employed individuals in low-to-moderate-income areas.
  • Enable PPP borrowers using Schedule C to utilize gross income instead of net profit information to calculate their loan amount.
    • If you are a sole proprietor, this change could allow you to obtain a larger loan than you could under prior rules. The SBA has issued an alternative application form and loan calculation formula which may be financially beneficial to you.
    • The only way to determine which will be most beneficial for your particular situation is to work through both alternatives using the provided materials.
  • Eliminate rules restricting businesses having 20% or greater ownership by an individual who is delinquent on student debt or has a non-fraud felony.
  • Clarify eligibility rules for non-citizens who are legal residents.

For more details about these changes, read the full White House announcement.