'Get back on your feet' grants: $5K-100K grant criteria posted - Must Read Alaska
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Friday, June 5, 2020
HomeThe 907‘Get back on your feet’ grants: $5K-100K grant criteria posted

‘Get back on your feet’ grants: $5K-100K grant criteria posted

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: financing@alaska.gov

Small Business Development Centers’ information can be found at: https://aksbdc.org/contact/

Donations Welcome

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Written by

Suzanne Downing had careers in business and journalism before serving as the Director of Faith and Community-based Initiatives for Florida Gov. Jeb Bush and returning to Alaska to serve as speechwriter for Gov. Sean Parnell. Born on the Oregon coast, she moved to Alaska in 1969.

Latest comments

  • Unfortunately, the criteria that you don’t qualify if you applied for or received PPP loans does not help so many small businesses. The PPP loan program has a forgiveness mechanism of 75% if the money is spent on employee costs. My business, like many others, have not re-opened and employees are not returning to work as long as they can make more money from the super-charged unemployment benefits. We are between a rock and a hard place and all the PPP has done is add to our liabilities at a time when there are no revenues. The goal should be to get small businesses, most of which should have never been shut down in the first place, back open. These grants should be available to all businesses that were shut down by government edict.

  • What? No loans to pot shops? Isn’t that unconstitutional on its face? Discrimination? Prejudicial economic preference? Hang on to your joints. Here comes the ACLU lawsuits.

  • You people are unbelievable!! How bad can you screw stuff up??? We have a very small tourism business that has been in operation for 30 years. I’m approved for a PPP loan but don’t take it because 75% has to be used on Payroll. Payroll is not our major expense—it’s rent, utilities and property tax so we don’t take the worthless loan. Now because we didn’t take the worthless loan, we can’t apply for a grant that allows us to use it on the things we need….. thanks so much for all your help

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