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