Update 7/08/2020: Funding is still available and has been extended to 8/8/2020. Our business loans team continues to accept applications for the SBA Paycheck Protection Program.
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Please email or call 907-459-5965 if you have additional questions, and we will get back with you as soon as possible.
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. A portion of the loan will be forgiven.
This is a completely new relief loan type, and we are here to help our membership and local businesses navigate the cash-flow assistance provided by Congress.
Businesses are facing unique challenges during this time. Please email or call 907-459-5965. We will work with our borrowers on a case-by-case basis to assist in any way possible.
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 2 years
- First payment deferred for six 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.
How to Apply
- Fill out the PDF application found here: https://www.sba.gov/sites/default/files/2020-04/PPP%20Borrower%20Application%20Form.pdf
- Also gather proof of 2019’s payroll in the form of: Payroll processor records, payroll tax filings, Form 1099 Misc or for a Sole Prop – proof of income and expenses such as Schedule C etc…
- Non-members will need to establish a membership with Spirit of Alaska & provide entity docs if we do not have them on record. You can begin to apply for membership at Spirit of Alaska online.
How to Submit Documents
Submit your electronic application documents to email@example.com.
Our local branches are also accepting physical documents through the Drive-up and Night Drop. Please coordinate with one of our business lending officers by calling 907-459-5965, 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.
Please use the short form below to contact our business loan department:
- If you have questions or
- Would like to discuss lending options.
We will contact you as soon as possible. Thank you for considering Spirit of Alaska as your business lending partner.