Paycheck Protection Program (PPP) from the Small Business Administration (SBA)

The Paycheck Protection Program (“PPP”) through the Small Business Administration (SBA) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Fully Forgiven

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to the likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payment will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Must Keep Employees on the Payroll – or Rehire Quickly

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

All Small Businesses Eligible

Small businesses with 500 or fewer employees – including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors – are eligible. Businesses with more than 500 employees are eligible in certain industries.

When can I apply?

  • Starting April 3, 2020, small businesses and sole proprietorships can apply.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply.

Small businesses are encouraged to apply as quickly as possible because there is a funding cap. 

Where can I apply?

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult your local lender for information and loan applications. All loans will have the same terms regardless of lender or borrower. If you don’t have a local bank, please contact one of the local banks below:

Citizens National Bank
200 Forks of the River Parkway
Sevierville, TN 37862

Jason Holliman, President
Office 865-429-7940

David Verble, CEO

First Horizon
300 East Main Street
Sevierville, TN 37862

Chad A. Reagan, Market Leader, Sevier County
Sean Pearson
Terri Kennedy

Home Federal Bank
307 Parkway
Sevierville, TN 37862

Patrick Gass, Vice President
865-541-6595 Market Street
865-428-4212 Sevierville

Sevier County Bank
720 Dolly Parton Parkway
Sevierville, TN 37862

Jack Williams, SVP, Senior Commercial Lender
865-453-6101 x 204

570 East Parkway
Gatlinburg, TN 37738

Gus Floodquist, First Vice-President

A list of participating lenders as well as additional information and full terms can be found at

The Paycheck Protection Program is implemented by the Small Business Administration with support from  the Department of the Treasury. Lenders should also visit or for more information.