Relief Options for Small Business Owners / Sole Proprietors

If you own a small business and are experiencing a hardship due to the Coronavirus, there are several options for relief listed below.  For assistance with real estate or commercial loan modifications or payment deferral, please email or contact us directly at (907) 747-6261. 

Skip Payment for personal loans

To request up to three months of skip payments on your non-business ALPS FCU loans, fill out the online skip payment request.  After signing, the document will be routed directly to our loan department for processing. 

Economic Injury Disaster Loans (EIDL)

The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters.  This loan is good for any business now closed due to Covid but will eventually re-open.  Also, for re-financing existing higher interest debt or acquiring a new business.  The application deadline has been extended to September 30, 2020.  Click here for a guide to SBA EIDLs.    

Who is Eligible?            

  • US entities in existence on January 31, 2020
  • Businesses with fewer than 500 employees
  • Corporations, LLC’s and Sole Proprietors, and Independent Contractors (restaurants, construction, dentist, therapists, salon owners)
  • Most private nonprofits 
  • Landlords

Loan Terms

  • Subject to a credit check
  • Working capital up to $2 million
  • 30-year term
  • 3.75% interest (small business), 2.5% interest (non-profit)
  • Automatic 1-year payment deferral, interest will accrue
  • Average turnaround is 21-45 days (longer for new or complex businesses)


  • No cannabis industry
  • No agricultural enterprises
  • No delinquent child support

Emergency $10,000 Grant

  • Eligible EIDL applicants can receive a $10,000 grant through December 31, 2020.
  • There is no obligation to repay the grant.
  • If you secure a PPP loan, the $10,000 grant will be subtracted from the foregiveness amount.
  • The SBA is severely backlogged at this time. We do not know of anyone who has had their application processed to date.
  • If you do not have employees, the PPP loan uses your net profit or (loss) to calculate PPP loan eligibility. This is why, if you are a business owner that limits your tax liability, it is best to apply for the EIDL rather than the PPP loan.

Apply for the EIDL loan or emergency grant directly on the SBA’s web site here

Paycheck Protection Program (PPP)

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $349 billion to help small businesses keep workers employed amid the pandemic and economic downturn. The Paycheck Protection Program (PPP) provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Loan proceeds used for payroll, mortgage interest, rent, utilities, and tip income may be forgiven.  This loan is good for businesses who want to keep their workers employed and do not intend to reduce employment after the 8 week funding period.

Who is Eligible?            

  • US entities in operation before February 15, 2020
  • Businesses with fewer than 500 employees
  • Corporations, LLC’s, Sole Proprietors, and Independent Contractors (restaurants, construction, dentist, therapists, salon owners)
  • Most private nonprofits 

Loan Terms

  • No credit check or loan fees
  • Up to $10 million
  • 2 year term
  • 1% interest
  • Borrow up to 2.5 times your monthly payroll (validated by tax return, 940, Schedule C)

Please review the following documents for more details:

Emergency Loan Small Business Guide and Checklist

Paycheck Protection Program FAQ’s

The $349 billion source of funds has been exhausted as of April 14, 2020. We are advocating for additional funds, so we are encouraging you to apply and will continue to process applications in the order received. All financial institutions can offer this loan, so please apply at your primary financial institution.  If you are not a member of ALPS FCU we are happy to process your application upon opening a business account with us as long as you intend to continue the relationship. 

Download a fillable application here and email it to loans@alpsfcu.orgYou must fill out the form completely and use your PHYSICAL address.

The forgiveness portion has not been well addressed yet. Forgiveness may be granted based on a ratio of 75% payroll costs and 25% other costs (rent, mortgage and term debt interest, utilities). We recommend you keep very detailed records in order to apply for forgiveness after the eight week period. The eight weeks starts once you have received funding.

We encourage you to visit SEDA’s web site related to the Sitka Economic Resiliency Task Force for more resources related to the Coronavirus disaster.