LOAN RELIEF PROGRAMS
We’re Here to Support Alaska
Paycheck Protection Program closed August 8
On August 8, the Small Business Administration closed the Paycheck Protection Program. First National Bank Alaska is no longer able to accept PPP Loan applications. We will continue to post any updates to the Paycheck Protection Program on this webpage. For the most current regulations and related guidance, please refer to the SBA PPP website.
PPP Loan Forgiveness Application Update: August 27, 2020
Like many others across Alaska and the nation, we continue to monitor the U.S. Congress as they discuss potential new pandemic relief legislation. It is still possible the Paycheck Protection Program (PPP) loan forgiveness process may be streamlined or otherwise reduced for a number of PPP loan recipients. You may be among those who could benefit if that legislation comes to pass.
When we are ready to accept your application, you will receive an email from First National Bank Alaska (email@example.com) with instructions and a link to your personalized and secure online application portal. At that time, you will be able to complete and submit your application and required documentation through the portal. If you are unable to submit your application electronically, our email will include information about making alternative arrangements.
Please refer to the SBA’s Application Form 3508 instructions and/or the simplified Application Form 3508EZ instructions for instructions on how to prepare required documentation. For forgiveness eligibility criteria, review Page 1 of the Application Instructions. For the most current regulations and related guidance, please refer to the SBA PPP website and their PPP Frequently Asked Questions.
We will continue to post any updates to the PPP forgiveness process on this webpage.
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.
Paycheck Protection Program
Effective June 30, 2020, the SBA will discontinue approving and funding Paycheck Protection Program Loan applications.
Due to SBA documentation and loan underwriting requirements, First National Bank Alaska must receive complete PPP applications no later than Friday, June 19 at 5pm in order to process applications on time.
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.