Financial Relief for Individuals

Our mission is to “Improve the financial health and well-being of our customers and our communities.” In times like these, supporting each other is more important than ever. As the economic impact of the COVID-19 crisis widens, we understand this can impact you financially.  In keeping the promise we made to our customers and communities, we are offering financial relief for qualified customers who are experiencing financial hardship due to the effects of the COVID-19 virus.

If you are a CONSUMER CUSTOMER, please complete the form below or call us at 1-866-378-9500.

If you are a BUSINESS CUSTOMER, click here or scroll down. To learn more about the Paycheck Protection Program visit our PPP information page.

Fill out my online form.

Financial Relief for Businesses

As a locally owned and operated business, we understand the challenges you may be facing during this time.  Please contact your Business Banker or Relationship Manager – they are ready to assist you and provide you with solutions that are specific to your situation.

Our Business Customer Care Team is also available for you at 423-279-2502. Contact us and we will connect you with one of our knowledgeable Business Bankers.

Coronavirus Aid, Relief, and Economic Security (CARES) Act for Businesses

In order to make sure we are providing our clients with the most detailed and accurate information, we are constantly monitoring the rollout of the S.3548 CARES Act.

The U.S. Chamber of Commerce has issued a very informative CARES Act guide for small businesses.

Here are two key provisions of the act, which may be important to you:

Paycheck Protection Program

The emergency loans provision of the CARES Act is called the Paycheck Protection Program (PPP). This provision lets small businesses borrow as much as $10 million to cover the costs of payroll, rent, utilities and more.

Bank of Tennessee is an approved SBA lender and is taking applications from current customers only for the loans.

For more information and to sign up, visit our PPP information page.

SBA Disaster Assistance (EIDL)

The Governors of the states of Tennessee, Virginia, and North Carolina have requested the SBA declaration for the small businesses impacted by the Coronavirus. This declaration is for the entire states of Tennessee, Virginia, and North Carolina. These declarations will only apply to the SBA’s Economic Injury Disaster Loan (EIDL) Program to which small businesses must apply directly to SBA for the loan.

SBA EIDL Assistance is available now and must be requested through SBA. Businesses can apply online at the SBA disaster website.

The details of the EIDL Program are as follows:

  • EIDL loans are available to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
  • EIDL loans are available up to $2 million in assistance to provide vital economic support to small businesses experiencing the temporary loss of revenue.
  • EIDL loans may be used for working capital to pay fixed debts, payroll, accounts payable and other bills due to the disaster’s impact.
  • EIDL loans have no application fees.
  • EIDL loans are at a fixed interest rate of 3.75% for small businesses and 2.75% for non-profits.
  • EIDL loans are for terms up to 30 years. Terms are determined on a case-by-case basis based upon each borrower’s ability to repay.
  • EIDL loans will have an eleven-month deferral on payments. The first payment will be due one year from the origination date of the loan.
  • EIDL loan credit requirements are as follows:
    • Applicants must have a credit history acceptable to the SBA
    • Applicants must show the ability to repay the loan
    • Collateral is required for requests greater than $25,000. SBA will take real estate as collateral when available but will not decline a request for lack of collateral. SBA will require any type of collateral that is available.
  • The standard turnaround time for EIDL loan underwriting is 21 days. It should be noted the Coronavirus pandemic is an unprecedented event and may affect this time.

The SBA’s disaster website has good information including the
documentation required for these loans.

For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail: [email protected]