LOAN RELIEF PROGRAMS

Paycheck Protection Program

 

PPP Loan Forgiveness Application Update

Borrowers who received a Paycheck Protection Program loan in 2021 from First National Bank Alaska are welcome to complete and submit their PPP loan forgiveness application once all PPP funds have been used.

Click here to access your application through our secure online portal. 

If you do not have login credentials to access the online portal, or if you are unable to submit your application electronically, please email PPPFGV@FNBAlaska.com for assistance.

To determine which application form is best for you, consult with your financial advisor and refer to the SBA’s PPP loan forgiveness application Form 3508, Form 3508EZ and Form 3508S.

For Second Draw PPP loans of $150,000 or less where the borrower did not submit documentation of revenue reduction at the time of the application, First National Bank Alaska will use the COVID Revenue Reduction Score to determine the documentation required for a borrower to submit their forgiveness application.

The most current information about PPP loan forgiveness can be found on the SBA PPP loan forgiveness website and the PPP Loan Forgiveness FAQs.

We will continue to post updates to the PPP loan forgiveness process on this webpage.

 

COVID REVENUE REDUCTION SCORE MAY HELP SECOND DRAW PPP BORROWERS

The U.S. Small Business Administration has implemented a COVID Revenue Reduction Score as an alternative form of revenue reduction confirmation for forgiveness of Second Draw PPP loans of $150,000 or less where the borrower did not submit documentation of revenue reduction at the time of the loan application. This score is assigned through the SBA platform based on a variety of inputs including industry, geography and business size and is available for the bank to review. First National Bank Alaska will use a borrower’s assigned score to determine the documentation required for a borrower to submit their PPP loan forgiveness application. Borrowers who receive a “Pass” score satisfy the requirement to document revenue reduction to support their forgiveness request. For more information, review the SBA’s new PPP Interim Final Rule.

 

SBA Streamlines PPP Forgiveness Application for Loans of $150,000 and Less

The U.S. Small Business Administration released a new simplified Paycheck Protection Program loan forgiveness application form for PPP loans totaling $150,000 and less. Eligible borrowers who choose to complete and submit Application Form 3508S are not required to complete a loan forgiveness calculation worksheet. Please refer to the SBA’s Application Form 3508, Application Form 3508EZ and Application Form 3508S for forgiveness eligibility criteria and to determine which application form is best for you.

 

PPP LOAN APPLICATIONS CLOSED

The U.S. Small Business Administration is no longer accepting new Paycheck Protection Program loan applications, effective May 28 at 7:00 p.m. Eastern. The SBA will continue to process and approve qualified applications submitted by the application deadline until June 30.

Borrowers who previously submitted an application through First National Bank Alaska should contact their local Loan Officer to check the status of their application.