I am proud to have been able to work with Governor Dunleavy to expand eligibility for the state grant program for CARES act financial assistance for businesses.
Effective on Monday, August 31, 2020, businesses that received any amount of Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL) funds will become eligible to apply for AK CARES grants, as will businesses that are secondary sources of income. These businesses can apply through the online application portal (www.akcaresonline.org) starting Monday.
In the beginning of the CARES act aid distribution process, small businesses who received $5,000 or more in aid from the federal government were then ineligible from also receiving aid through the state. While this measure was initially put in place to prevent large corporations from swallowing up all of the available aid, it created problems for businesses in Alaska and prevented them from receiving grants from the state to help their businesses weather health mandated closures and economic downturn.
The Legislative Budget & Audit Committee, which I serve on, approved the governor’s request to fix these problems at our meeting on August 27, 2020.
Applications for grants can be from a minimum of $5,000 to a maximum of $100,000. Businesses can apply through the AK CARES Grant portal at https://www.akcaresonline.org starting on Monday August 31.
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