During the pandemic, the Small Business Administration (SBA) received widespread media attention for its COVID-19 relief programs, such as the Paycheck Protection Program (PPP), which provided much-needed loans to more than 5.2 million American businesses in 2020.
In Middle Tennessee, First Horizon processed more than $405 million in PPP loans, saving many small business owners from closing because of the pandemic’s negative effects on the U.S. economy.
Many Middle Tennesseans are not aware of the on-going programs and services the SBA provides to support small businesses in our community. An SBA expert at a local bank can work with business owners to understand what’s available and how to best navigate the often-complex SBA qualification process.