LOAN RELIEF PROGRAMS
Paycheck Protection Program
October 15, 2021: Due to a vendor technical issue, borrowers may not be able to access their PPP Loan applications. We are working with the vendor to restore access as soon as possible. We apologize for any inconvenience.
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.
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.
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.
For questions or assistance, please contact First National at (907) 777-5625. We're here to help.
You may be eligible for interest only payments on an existing loan to meet your business needs. Your payments will be lower today, and we will extend the term of your loan by the duration of reduced payments.
Payment modifications for construction, BIA, AIDEA and USDA guaranteed loans may be processed differently depending on specific requirements for each loan. Please contact your local banker for more information on payment options to meet your unique financial situation.
Small Business Administration Loans
First National Bank Alaska is a Small Business Administration Preferred Lending Partner. For questions or assistance, please contact First National at (907) 777-5625. We're here to help.
Economic Injury Disaster Loans and Loan Advance
The SBA’s Economic Injury Disaster Loan program provides some small businesses with a loan advance that will provide economic relief if the business is currently experiencing a temporary loss of revenue. To confirm your eligibility and to apply for a COVID-19 Economic Injury Disaster Loan, click here.
Alaska Industrial Development and Export Authority (AIDEA)
AK SAFE Program
AIDEA is authorized to issue guarantees for loans under the program to eligible borrowers for a onetime advance up to $1 million. Funds may be used for any working capital purposes required by the Borrower arising from the COVID-19 economic emergency.
The intent of the program is to provide needed funding to eligible borrowers in addition to the available federal programs, and to cover expenses those programs may not be addressing during this emergency. The program works with Lenders under an existing secured loan agreement in which the Lender has previously extended credit (the “Pre-existing Loan”).
More information is available on the AIDEA’s website.
For questions or assistance, including questions about mortgage payment relief, please contact (907) 777-3384 or email Special Credits. We're here to help.
You may be eligible for up to three months of deferred payments on an existing loan. The maturity date of the loan will be extended by the number of payments deferred. The standard modification fee is waived.
Please complete your application no later than 5pm AKDT Monday, May 17 in order to meet the U.S. Small Business Administration application deadline.
If you are applying for a Second-Draw PPP Loan, be sure to check said box on the first page of your application.