True North can accept your completed Paycheck Protection Program application, but act now – we are not sure how much longer we will be able to take new applications and funds are expected to run out soon!
In these unprecedented times, Alaska’s small businesses face unique challenges, but they will also play a critical role in the recovery of our economy. The Paycheck Protection Program through the US Small Business Administration may be a valuable tool to aid you in that recovery, and True North would like to assist you with that process!
Frequently Asked Questions from the US Treasury, click here.
If you have additional questions or concerns, please contact:
Member Business Lending Manager
HOW TO PREPARE FOR YOUR APPLICATION
- Ensure you are eligible
- Most businesses qualify for the Paycheck Protection Program if they have under 500 employees, including sole proprietors, independent contractors and self-employed persons.
- For more information on eligibility, click here.
- Properly calculate your loan amount
- Generally, loans can be for up to two months of your average monthly payroll cost from the last year, plus an additional 25% of that amount.
- For more information on how to calculate your loan amounts, click here.
- Gather your supporting documentations
- Paycheck Protection Program application
- Substantiation of Payroll costs (ie payroll tax filings, payroll processing records)
- Current valid ID, if not already on record
We know this is a stressful time for you as a business owner. Rest assured we are working as quickly as possible to get you the assistance you require.