LOAN RELIEF PROGRAMS
We’re Here to Support Alaska
First National Bank Alaska is now accepting requests to apply for the SBA Paycheck Protection Program (PPP) loan.
Effective August 8, 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 will no longer accep new PPP Loan application requests. Please contact your loan officer or email PPPloan@FNBAlaska.com for more information.
PPP Loan Forgiveness Application Update: July 1, 2020
At the conclusion of their Paycheck Protection Program Loan Covered Period, borrowers will receive an email from First National Bank Alaska (firstname.lastname@example.org) notifying them of their eligibility to submit their loan forgiveness application. As of this posting, a number of loans have already concluded their Covered Period - these borrowers will receive this email communication as soon as First National's new secure and convenient online portal is ready for use. Complete Covered Period guidelines are outlined in the PPP Flexibility Act.
Our email to borrowers will include the link to the borrower's personalized and secure online portal for them to complete and submit their application and required documentation. Supported web browsers for this portal are Google Chrome, Microsoft Edge and Firefox. Please be advised that during usage of the portal, borrowers may receive emails from ESFSCMConfigurator@Fiserv.com - this is a valid and secure email. If a borrower is unable to submit their application electronically, we will make alternative arrangements for them to submit an application.
Please refer to the SBA’s Application Form 3508 instructions and/or Application Form 3508EZ instructions to help prepare your required documentation. Form 3508EZ provides some borrowers with a more simplified forgiveness process; review Page 1 of the Application Form 3508EZ instructions for eligibility criteria.
PPP Loan Forgiveness Application Update: July 14, 2020
We understand borrowers are eager to submit their Paycheck Protection Program Loan Forgiveness application. At this time, the U.S. Small Business Administration is not yet accepting loan forgiveness applications.
First National Bank Alaska (email@example.com) will send borrowers an email that will include instructions and the link to their personalized and secure online application portal once we begin accepting applications for review under guidance from the SBA. Borrowers will be able to complete and submit their application and required documentation through this portal. If a borrower is unable to submit their application electronically, we will make alternative arrangements for them to submit an application.
In the meantime, borrowers may wish to familiarize themselves with the SBA’s instructions on how to prepare their required documentation. For more information, please refer to the SBA’s Application Form 3508 instructions and/or Application Form 3508EZ instructions. Form 3508EZ offers some borrowers a more simplified forgiveness process; for eligibility criteria, review Page 1 of the Application Form 3508EZ instructions.
We anticipate the SBA will issue additional changes and guidance with respect to the Paycheck Protection Program. For the most current regulations and related guidance, please refer to the U.S. Small Business Administration Paycheck Protection Program website.
We will continue to post any updates to the PPP Loan forgiveness application 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.