AK CARES Grant Program for small businesses launches June 1

Small Alaskan businesses impacted by the COVID-19 pandemic can get relief through the AK CARES Grant Program, which launches on June 1. The AK CARES Program will be operated on an equal access/first-come, first-served basis. The application will be available on Credit Union 1’s website on the program launch date.

Small businesses based, licensed, and located in Alaska with an Employer Identification Number (EIN), as well as partnerships, LLCs, nonprofits and sole proprietorships can apply if they meet the following criteria:

• Business was licensed and established when the public health disaster emergency declaration was issued by Governor Dunleavy on March 11, 2020;
• Business has, on average, 50 or fewer full-time equivalent employees; and
• Business was excluded, did not qualify, or was otherwise unable to obtain funding from U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP), the SBA Economic Injury Disaster Loans (EIDL), or other federal funding programs under the CARES Act.

For more information on the AK CARES Grant Program, go to its webpage. Grants range from $5,000 to $100,000 based on eligible expenses. Prior to the program launch date, businesses interested in applying should review the provided checklist and begin gathering the necessary information to support the business’ eligible expenses. Businesses should also ensure all relevant licenses are active and in good standing. Small businesses that have not received PPP or EIDL funds are encouraged to check out this program.