Alaska CARES Act Eligibility Rules Loosened For The Second Time

Here's some hopeful news. The Alaska CARES Act program has over $250 million in unspent funds which have to be distributed in Alask...


Here's some hopeful news.

The Alaska CARES Act program has over $250 million in unspent funds which have to be distributed in Alaska by December 30th, and the state is trying to make sure that the money gets out to where it's needed.

Governor Mike Dunleavy is trying to make it so more businesses have a chance to qualify for CARES funds during the pandemic.

The bottleneck has been eligibility. When the SBA's PPP program came out this spring, a lot of businesses were happy to get on board.  But participation in the SBA programs disqualified a business from applying for the Alaska CARES Act. In early August the state rules were changed so any Alaskan business that got less than $5,000 from the Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL) program was now eligible for Alaska CARES grants.

On Thursday, August 20th, the governor announced he wanted to strike down that $5,000 limit and get this money out. A Legislative Committee has now met and voted 10-0 to open the funding up to Alaskan businesses who received larger amounts of PPP and EIDL funds. Changes to the state program have also been made to make more commercial fisherman eligible.

This concept is on a fast timeline so business should go to the website and get the required documents ready. There is a 30 minute video that tells you how to fill out the application. The principle warning is that you can't pause once you start filling out the application. If you don't have everything ready then you have to start all over from the beginning. You can download and print a practice application so you can have your answers ready.

LINK TO ALASKA CARES ACT INFORMATION

OVERALL INFORMATION ABOUT THIS PROGRAM:
https://www.commerce.alaska.gov/web/ded/AKCARESGrant/FAQ.aspx

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