PAYCHECK PROTECTION PROGRAM
First Bank has funded over 800 Paycheck Protection Program loans, totaling more than $51 million, for our small business customers in Southeast Alaska. These uncertain times have reminded us of our commitment to our customers. We continue to work with those experiencing financial hardship. If you, as a current customer of First Bank, encounter financial difficulties as a result of the pandemic, please call us at 800-478-6101 during normal business hours.
Loan Forgiveness Instructions and Applications
DEFERRAL PAYMENT GUIDANCE (Updated 10/14/2020)
The original payment deferral period (6 months) on your PPP loan has been extended to the date that the SBA submits forgiveness payment to the lender. This deferral will be automatic in accordance with federal regulations. If borrowers do not apply for loan forgiveness, the deferral period automatically ends 10 months after the end of the borrowers covered period. If you have a remaining balance after the SBA has remitted forgiveness payment to the bank, you can either payoff the remaining balance or a please contact First Bank for further assistance.
FORGIVENESS INFORMATION (Updated 10/12/2020)
Most borrowers with loans $50,000 and below will use the SBA Form 3508S Please read through the instructions and application to see if you qualify for this application.
Most borrowers above $50,000 will use the SBA Form 3508EZ. Please read through the instructions and application to see if you qualify for this application.
For those larger borrowers that do not qualify for the SBA Form 3508EZ, please use the SBA Form 3508 (revised June 16, 2020).
The SBA has provided common questions and answers concerning the PPP loan. Please see their FAQ (updated October 7, 2020).
For any additional questions on the forgiveness of your PPP loans, please contact the First Bank PPP Team at [email protected]