Financial Portal for COVID-19 Relief2020-05-18T16:38:58+00:00

HOW DO I APPLY? 

Contact your lender or accountant if you have questions specific to your business. 

Paycheck Protection Program (PPP) Loan

New applications will be accepted starting April 27th, if you applied in the prior round contact your lender before you apply again.

Who is eligible? 

  • Small businesses that meet SBA’s size standards
  •  501 (c) (3) non-profit organizations, 501 (c) (19) veterans organizations, or Tribal business concerns with the greater of 500 employees or meet the SBA industry size standard if above 500 employees
  • Any business with a NAICS Code that begins with 72 (Accommodations an Food Services) that has more than one physical location and employs 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

How to apply:

Resources for applying:

Additional Information:

  •  Loan will be fully forgiven if the funds are used for payroll, interest on mortgages, rent, and utilities
    • Due to the large amount of loans, at least 75% of the forgiven amount must have been used for payroll
  • Loan payments will be deferred for 6 months
  • No collateral or personal guarantees are required
  • Loan has a maturity of 2 years and an interest rate of 1%
  • All this information can be found on the SBA website 
  • SBA has released an application to apply to the forgiveness portion of the loan, find the application and instructions here

Economic Injury Disaster Loan (EIDL)

Accepting applications from agricultural businesses and processing current applications that start with the number 3

Who is eligible? 

  • Small businesses that meet SBA’s size standards
  •  501 (c) (3) non-profit organizations, 501 (c) (19) veterans organizations, sole proprietors, independent contractors, and self-employed persons with less than 500 employees

How to apply:

  •  Go to the SBA website
  • Follow THIS webinar from the Alaska Small Business Development Center for a guide through the online applicaion

Additional Information:

  • Loan amounts of up to $2 million
  • Terms up to 30 years
  • Interest rates for for-profit: 3.75%, non-profits: 2.75%
  • Proceeds can be used for working capital including:
    • Payroll costs
    • Rent or mortgage payments
    • Material costs
    • Preexisting debt

Express Bridge Loan

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Who is eligible?

  • Small businesses who currently have a business relationship with an SBA Express Lender

How to apply: 

  •  Contact your current SBA lender

Additional Information:

  • Loan amount up to $25,000
  • Quick turnaround
  • Will be repaid in full or in part by proceeds from the EIDL loan

Employee Retention Credit

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Who is eligible?

  •  Two exceptions:
    • State and local governments and their instrumentalities
    • Small businesses who take small business loans
    • Experienced either:
      • the full or partial suspension of the operation of their trade or business during an calendar quarter because of governmental orders limiting commerce, travel, or group meetings due to COVID-19, or
      • a significant decline in gross receipts

How to apply:

  • In order to claim the credit, eligible employers will report their total qualified wages and the related health insurance costs for each quarter on their quarterly employment tax returns, which will be Form 941 for most employers, beginning with the second quarter. The credit is taken against the employer’s share of social security tax but the excess is refundable under normal procedures.
  • In anticipation of claiming the credit, employers can retain a corresponding amount of the employment taxes that would have otherwise been deposited.
  • An advance for eligible employers is available upon request and summation of Form 7200.

Resources for applying:

Additional Information:

  • The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19
  • All this information can be found on the IRS website