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
Fill Out Your Application
Businesses can apply for their first Paycheck Protection Loan, and also for a second draw on the program. 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 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. 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. You can also drop documents off through the Drive-up and in the Night Drop to accommodate social distancing.
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.