The Alaska SBDC urges small businesses to gather three years of tax information, financial statements for the past three years including profit & loss and balance sheets, and prepare a narrative on the losses suffered due to the COVID-19 virus.
The SBDC is available to help the businesses prepare for the loan application and can provide other assistance to gather the financial records you will need.
Small businesses could receive loan packages within three weeks. They also can qualify for long-term repayments of up to 30 years to keep payments affordable.
Interest rates are 3.75%.
Small businesses with under 500 employees impacted by COVID-19, those that offer services to businesses impacted by COVID-19, are eligible.
Cannabis businesses, religious and charitable organizations and agriculture businesses are not eligible.
The loan can be used to pay payroll, accounts payable and other bills that could have been paid if the disaster had not occurred.