SBA Paycheck Protection Program

  • Overview

    Update 5/05/2021: Funding for the Paycheck Protection Program is no longer available for the credit union. We are no longer accepting applications. 

    Where You Can Apply

    Applications for Paycheck Protection Program funds by Alaskans will be processed by the Grow America Fund administered by the National Development Council.

    Apply to Grow America

     

     

    SBA Paycheck Protection Program

    Small Business Administration (SBA) Paycheck Protection Program (PPP) loans were authorized with the Cares Act to assist businesses through the COVID-19 emergency and continued with a second stimulus package passed by Congress. A portion of the loan will be forgiven.

    Businesses are facing unique challenges during this time. Please email or call 907-459-5957. We will work with businesses in the community on a case-by-case basis to assist in any way possible. The Spirit of Alaska business lending team is here to help our membership and local businesses navigate the cash-flow assistance provided by Congress.

    Cash-flow assistance for businesses through the SBA

    All loans under this program will have the following identical features:

    • Interest rate of 1%
    • Maturity of 5 years
    • First payment deferred for 10 months
    • 100% guarantee by SBA
    • No collateral
    • No personal guarantees
    • No borrower or lender fees payable to SBA

    These loans can cover:

    • Payroll expenses
    • Utility payments
    • Rent/lease payments
    • Mortgage interest

    Loan Forgiveness

    Although we are no longer accepting new PPP applications, our business lending team will continue to assist our current members with loan forgiveness.

    Need more information?

    Please use the short form below to contact our business loan department. We will respond as soon as possible. Thank you for considering Spirit of Alaska as your business lending partner.

  • SBA Applications

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