First Horizon Processes More Than $175 Million In Applications For Paycheck Protection Program

Bankers Spend Over 10,000 Hours In Initial Round Of Applications

  • Friday, April 17, 2020

Chattanooga businesses working with First Horizon will garner approximately $175 million in funding from the SBA’s Payment Protection Program. With over 500+ applications processed and more awaiting the next round of funding, bankers from Chattanooga’s largest financial institution spent over 10,000 hours in 15 days for the first round of applications.

The First Horizon bankers are also aware of other small businesses who have expressed an interest in the next round of funds but have yet to apply. 

Market President Jay Dale noted that the bank is looking forward to the next round of funding that Congress is expected to authorize. “We are working as quickly as possible to have our next round of applications ready once the funds are accessible. We are hopeful that Congress will move quickly to assist our small businesses.”

Statewide, First Horizon has funded more than one-third of all PPP loan requests. The bank received 8,500 requests and currently has funded $1.6 billion to businesses across the state. 

“The funds made available through the PPP are a life-line to so many small businesses,” said Mr. Dale. “We will continue to do all we can to support our customers during this time. Great customer service is something we’ve provided for the last 156 years and COVID-19 and the recent tornadoes aren’t about to keep us from doing just that.” 

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