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
- Payroll expenses
- Utility payments
- Rent/lease payments
- Mortgage interest
Although we are no longer accepting new PPP applications, our business lending team will continue to assist our current members with loan forgiveness.