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.
[Read the frequently asked questions here]
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 funding
- In operation for at least one year prior to March 11, 2020
- Have 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.
Eligible Expenses
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; and
- Expenses incurred to replenish inventory or other necessary re-opening expenses.
Technical Assistance
Division of Economic Development – Investments is providing technical assistance for small businesses:
Toll Free in Alaska (800) 478-5626
Outside Alaska (907) 465-2510
Email: [email protected]
Small Business Development Centers’ information can be found at: https://aksbdc.org/contact/
