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We are accepting PPP Loan forgiveness applications for loans funded in 2020 and First Draw loans funded before March 1, 2021. If you have used the funds on eligible expenses and are ready to apply for loan forgiveness please email firstname.lastname@example.org.
If you have a Second Draw loan in 2021, you will receive an email with details on how to apply for loan forgiveness once the SBA releases information on Second Draw loans. If your loan was originated after March 1 and you have used the funds on eligible expenses, please email email@example.com.
Recipients of Paycheck Protection Program loans under $150,000 have been sent email notification regarding requirements for completing PPP Loan forgiveness requests online. Northrim’s PPP Forgiveness Application web page contains a video telling how to complete form 3508S, which is required for loan forgiveness (scroll to the section labeled “S Form for Forgiveness”). Please note that PPP Loan customers have 10 months from the end of the covered period to file for forgiveness and payments are deferred during this time.
The SBA offers the following guidance for loan forgiveness terms:
First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP Loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
Northrim has created an online resource to help you understand the PPP Forgiveness application. This information and step-by-step videos will walk you through the process to complete your application.
For specific questions regarding your application please contact us at firstname.lastname@example.org. Due to the volume of inquiries please allow 1-3 days for a response
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.
Since the list of PPP recipients who received loans was ordered to be made publicly available by the government, chances for fraud increases dramatically.
Be advised, Northrim works with our approved vendor, Abrigo, leveraging their platform named Sageworks, to process your applications and ensure your privacy. Please beware of fraud attempts that may look like sales messages or offers of PPP forgiveness process consolidation. Scammers may ask for personal information such as account numbers, Social Security numbers or dates of birth and other details about you or your employees. Northrim will never initiate contact with customers asking for this type of information. Please call Northrim at 800-478-2265 if you suspect malicious activity or have any questions.
This handout gives PPP Loan recipients some guidance on the use of PPP funds.
Learn More PDF
See the Small Business Administration PPP website for details about First Draw and Second Draw loans.
Learn More external link
Read more about the PPP Rules and Regulations posted in the Federal Register.
Your privacy is very important to us. We would like to advise you that Internet email is not secure. Please do not submit any information that you consider confidential. We recommend you do not include your social security or account number or other specific identifying information.
You are leaving Northrim Bank's website and linking to a third party site. Please be advised that you will then link to a website hosted by another party, where you will no longer be subject to, or under the protection of, the privacy and security policies of Northrim Bank. We recommend that you review and evaluate the privacy and security policies of the site that you are entering. Northrim Bank assumes no liability for the content, information, security, policies or transactions provided by these other sites.
Do you have an existing PPP loan with Northrim Bank?
Are you applying on behalf of an Alaska-based business?
Thank you for your interest. At this time Northrim is only accepting applications for businesses based in Alaska. Please contact your local financial institution to apply for this program.