LOAN RELIEF PROGRAMS
Alaska's Trusted PPP Lender
SUBMIT YOUR PPP LOAN APPLICATION NOW
PPP FUNDING AS OF APRIL 18, 2021
PPP Funds Remaining: $43.83 billion
2021 PPP Funding: $284 billion
2021 PPP Loans Approved*: $240.17 billion
*Information provided on this webpage has been sourced directly from the most recent data released by the U.S. Small Business Administration and can be found on the PPP Data website.
Borrowers now have until May 31, 2021, or when funds are depleted to apply for First- or Second-Draw Paycheck Protection Program (PPP) loans.
Businesses that received a First-Draw PPP loan in 2021 may be eligible to apply for a Second-Draw PPP loan. For Second-Draw PPP loan eligibility, see the SBA’s eligibility criteria for Second-Draw PPP Loans.
If you are unable to access the application portal, please contact your Loan Officer or send an email with your contact information to firstname.lastname@example.org. A dedicated team is monitoring the email inbox and a loan officer will contact you directly to provide instructions on how to apply.
Here are some helpful tips when completing your application:
- Please use the physical street address of your main business facility or headquarters, not a P.O. Box.
- A unique email address must be used in connection with one entity's loan application. If you have previously applied for a PPP loan, you may use the unique email address you previously used for that entity OR you may use a different and unique email address which will then be associated with your current application.
- If you are experiencing challenges submitting information electronically, please call your Loan Officer or send an email to email@example.com.
To prepare for the application process, we encourage you to review the following documents:
- General PPP FAQs: Paycheck Protection Program FAQs
- First-Draw PPP Loans:
• Full Terms & Eligibility of First-Draw PPP Loans
• Sample Application for First-Draw PPP Loans
- Second-Draw PPP Loans:
• Full Terms & Eligibility of Second-Draw PPP Loans
• Application for Second-Draw PPP Loans
We look forward to the opportunity to support your business as part of this new relief package.
Thank you for your continued trust in First National Bank Alaska.
NEW PPP PAYROLL CALCULATION FOR FORM 1040 SCHEDULE C FILERS
Individuals who file an IRS Form 1040, Schedule C to report their business income may now use gross income to calculate their maximum Paycheck Protection Program (PPP) loan amount. Previously, maximum loan amounts for these filers were calculated using net earnings.
Our local Loan Officers are ready to answer any questions you have about this new rule and help you apply for your PPP Loan.
Calculate your maximum PPP loan amount as a Form 1040, Schedule C filer using the appropriate form based on your loan type:
- First-Draw PPP Loan Application for Schedule C Filers
- Second-Draw PPP Loan Application for Schedule C Filers
We will continue to post PPP loan updates on this webpage.
FINANCIAL ASSISTANCE FOR FISHERIES PARTICIPANTS
Fisheries Participants who incurred losses in 2020 as a result of the negative impacts of the COVID-19 pandemic may be eligible for additional financial relief through the Coronavirus Aid Relief and Economic Security (CARES) Act.
Eligible sectors include Aquaculture, Commercial Harvesting, Seafood Processing, Sport Charter and Subsistence. Applicants may be eligible for Section 12005 funding in addition to federal assistance under the CARES Act or other federal programs.
Electronic applications must be submitted to the Pacific States Marine Fisheries Commission by 4pm AKST April 30, 2021. All mailed applications must be postmarked by April 23, 2021.
For an overview of the program and full eligibility requirements: CARES Act Relief for Fisheries Participants Plan
Contact the Alaska Department of Fish & Game for questions and inquiries about the CARES Act Section 12005:
· Email: firstname.lastname@example.org
· Phone: (907) 465-6136
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 Forgiveness Application Update
When we are ready to accept your loan forgiveness 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 given the option to complete one of the three application forms listed above and you will be able to 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. If you wish to complete and submit your application prior to receiving an email from us, please contact your Loan Officer or send an email to firstname.lastname@example.org and request a link to your portal.
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.
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.
If you are applying for a Second-Draw PPP Loan, be sure to check said box on the first page of your application.