Coronavirus Loan Relief & Aid

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Paycheck Protection Program

March 30
The Small Business Administration has extended the Paycheck Protection Program until May 31. Northrim continues to be the local PPP leader and is accepting applications below.

March 14
The SBA is now allowing borrowers who submitted a First Draw PPP Loan in calendar year 2021 to submit a Second Draw PPP Loan application if eligible.

To obtain a Second Draw, your First Draw PPP Loan must be fully disbursed and reflected as such within ETRAN. The requirements to obtain a Second Draw PPP Loan remain unchanged as part of this process and the validations and processing remains consistent. As a reminder, the Economic Aid Act provides that a Second Draw PPP Loan may only be made to an eligible borrower that has received a First Draw PPP Loan, and has used, or will use, the full amount of the First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan is disbursed to the borrower.

March 12
Individuals who file an IRS Form 1040, Schedule C to report their business income may now use gross income to calculate their maximum PPP loan amount. Previously, maximum loan amounts for these filers were calculated using net earnings. Our simple online application will walk you through this calculation.

This new rule applies only to new PPP loan applications. According to the SBA, borrowers who have already received their PPP loan cannot increase their PPP loan amount based on the new maximum loan formula.

Funds remain available for this program and we are committed to assisting you during this time. Please see below to apply.

Program open for new applications

Northrim is accepting applications for First and Second Draw PPP loans to submit to the Small Business Administration.

Existing PPP Loans

To make a Second Draw on your existing PPP loan apply below.

 

New PPP Loans

We are currently accepting new applications from businesses who have not applied for a PPP loan previously. You do not need to be an existing Northrim customer to apply.

PPP Loan Forgiveness

Please see our PPP Loan Forgivess page for loan forgiveness information and applications.

Contact us

For specific questions regarding your application please contact us at pppinquiries@nrim.com. Due to the volume of inquiries please allow 1-3 days for a response. 

Application help & instructions

Northrim has created an online resource to help you understand PPP eligibility and application instructions. This information and step-by-step videos will walk you through the process to complete your application. See the PPP Eligibility and Application Instructions resource for guidance.

Help for small businesses

Need help navigating the various COVID-19 relief programs for small businesses? The Alaska Small Business Development Center has weekly online briefings, workshops, trainings and several online resources to assist Alaska businesses. See this special ASBDC page for details.

 

Resources

Use of PPP Funds FAQ

Use of PPP Funds FAQ

This handout gives PPP Loan recipients some guidance on the use of PPP funds.

Learn More  

SBA PPP Information

SBA PPP Information

See the Small Business Administration PPP website for details about First Draw and Second Draw loans.

Learn More  

PPP Rules and Regulations

PPP Rules and Regulations

Read more about the PPP Rules and Regulations posted in the Federal Register.

Learn More