Update 1/14/2021: The Paycheck Protection Program has resumed with the passing of a second stimulus package by Congress.
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
Here is the process:
- Access the appropriate application from the SBA website using the buttons below. Download the provided PDF on the SBA website.
- Fill out the application. We recommend filling out the PDF on your computer or smartphone, but we also accept printed applications filled out by hand.
- Submit the application electronically or at a local branch
Download Correct Form
Updated 3.5.2021 – The SBA has provided new forms for businesses who file taxes through a Schedule C. Businesses can apply for their first Paycheck Protection Loan, and also for a second draw on the program.
Borrower Forms for Schedule C Filers Using Gross Income1st Draw Application - Schedule C 2nd Draw Application - Schedule C
Borrower Forms for all other tax filers1st Draw Application 2nd Draw Application
Submit Your Application to Spirit of Alaska
Submit your electronic application documents to email@example.com.
Our local branches are also accepting physical documents in person in the lobby. You can also drop documents off through the Drive-up and in the Night Drop to accommodate social distancing.
- Coordinate with one of our business lending officers by calling 907-459-5957, so we know which branch will be receiving your documents.
- Please place your application documents in a clearly labeled envelope before dropping them off at your chosen branch.