The Alaska Department of Commerce, Community, and Economic Development and the Alaska Industrial Development and Export Authority have partnered with Credit Union 1 to offer federally funded emergency relief to Alaska’s small businesses.
Grant amounts are $5,000 to $100,000, based on eligible expenses.
The CARES program details are not finalized and the state says the criteria may change, but the preliminary details have been released:
Who Can Apply
Small businesses including C-Corps, S-Corps, Partnerships, nonprofits (501(c)3 or 501(c)19), or sole proprietorships with a current Alaska Business License that:
Did not qualify or were otherwise unable to obtain SBA PPP or EIDL fundingIn operation for at least one year prior to March 11, 2020Have on average 50 or fewer employees
Who Is not eligible to apply
Marijuana related businesses.Secondary income sources.Out of State business.Business that has received funding or have an approved application for SBA’s PPP or has EIDL funding in excess of $5,000.Business with more than 50 full time equivalent employees.Businesses that have filed bankruptcy.Businesses that do not meet the eligibility criteria outlined above.
Amount of grant award based on the following COVID-19 emergency related eligible expenses during the period 8 weeks prior and 8 weeks following the application date:
Payroll costs and expenses;Payment of any short term (less than 24 months) or credit card debt incurred by the applicant to support the applicant’s business during the emergency;Rent or mortgage payments (unless otherwise waived by lessor/lender);Utilities payments;Purchase of personal protective equipment required by the business;Business related equipment; andExpenses incurred to replenish inventory or other necessary re-opening expenses.
Division of Economic Development – Investments is providing technical assistance for small businesses:
Toll Free in Alaska (800) 478-5626
Outside Alaska (907) 465-2510
Small Business Development Centers’ information can be found at: https://aksbdc.org/contact/
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