After handling more than 8,500 Small Business Administration loans with the Payment Protection Program (PPP), First Horizon Bank regional president Jeff Jackson encourages business owners to proceed with applications now before an anticipated vote by Congress during the coming days.
“For anyone who didn’t make it time for the first PPP process, they shouldn’t delay in getting over applications and payroll information to their bank,” says Jackson. “It is important not to be discouraged about missing the first round of funding, but to work with your bank.”
Congress is expected to approve the second round of funding soon with an addition of approximately $310 billion to the PPP loan program. Jackson and his team have been working with small business owners to prepare their paperwork and ensure the much needed assistance is expedited.
“Our bankers have been preparing for the next funding since Friday and are encouraging people to submit their paperwork to us now,” Jackson adds. “We are here to provide assistance for this process prior to the approvals from Congress, hopefully very soon.”
A second round of funding will help local businesses keep employees on payroll after the impacts of COVID-19 such as Universal Court Reporting, which has offices in Miami and additional cities in South Florida.
“This pandemic has caused more stress in terms of running a company than I could have imagined, but First Horizon’s consistent and never wavering positivity, confidence and calm demeanor have helped us tremendously,” said Chloe Canton, Chief Operating Officer of Universal Court Reporting. “First Horizon has been there every step of the process and allowed our team to remain in place despite numerous disruptions, including court closures.”
South Florida’s service and hospitality businesses which have been amongst the hardest hit will benefit tremendously from the additional PPP funding. First Horizon Bank has processed SBA loans for clients in these sectors including National Marine Suppliers and Keys Sanitary Service.
For more information on bank loan financing, visit www.firsthorizon.com