Alaska banks ‘overwhelmed,’ hit pause button on paycheck protection loans


click on the photo to read the full story

Small business owners who were not Johnny-on-the-Spot to apply for the Paycheck Protection Program loans, which are guaranteed by the federal government, may have to wait a bit longer.

Toward the end of last week, two Alaska banks stopped taking applications for what is called a “PPP loan” for small businesses, self-employed, nonprofits, and independent contractors who have lost their incomes due to the COVID-19 economic shutdown.

First National Bank of Alaska, Northrim Bank suspended their acceptance of applications, while AlaskaUSA Federal Credit Union is limiting the program to credit union members only.


Sponsored Content

Sponsored Content