Funding for Business Owners

State of Alaska AK CARES Grant Program

The AK CARES program has been oversubscribed, meaning more funds have been requested than are available. The application portal will close Tuesday, September 15.

If remaining AK CARES grant funds are available after all applications received between June 1st and September 15th have been processed, we will reopen the online application portal with advance notice to the public.

If you submit an application on or after September 2nd, please be aware that there is a high likelihood your application may not be funded. If you are looking for other funding programs that may be available to you, please visit COVID-19 Recovery Resource Portal for Business website.

Municipality of Anchorage Small Business Grant Pilot Program

The Municipality and Cook Inlet Lending Center (CILC) announced an additional $5 million in $10,000 small business relief grants (more info here).  

The application period opened on August 26, and closed on Saturday, September 12, 2020. Cook Inlet Lending Center (CILC) received more applications than available funding, so there will be a random selection on Thursday, September 17th to determine which applications will be funded. If you have already submitted an application, you will receive a notification about the status of your application by Friday, September 18th.

PAYCHECK PROTECTION PROGRAM 

Provides non-profits with zero-fee, forgivable loans of up to $10 million to cover payroll and other operating expenses. Non-profits can apply for loans to pay for payroll, rent, mortgage interest, or utilities, and if used for those purposes, loans will be forgiven.

Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.

ECONOMIC INJURY DISASTER LOAN AND DISASTER LOAN ADVANCE

Loans up to $2 million for small businesses with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons).  In addition to the loan, applicants can receive $1,000/employee for a maximum of $10,000 cash advance that does not need to be repaid, regardless of whether the applicant is approved for the loan itself.

The SBA is now accepting new Economic Injury Disaster Loan (EIDL) applications from eligible U.S. agricultural businesses with 500 or fewer employees. Eligible agricultural businesses may apply for the SBA EIDL and Emergency Advance here.

Applicants who have already submitted will continue to be processed on a first-come, first-served basis.  To follow-up on an application, connect with the SBA Disaster Assistance Customer Service Center directly at 1-800-659-2955 (TTY: 1-800-877-8339) or by e-mail at disastercustomerservice@sba.gov.

The Small Business Development Center is holding weekly briefings with their business advisors to answer questions about this or other aid programs.

Federal Reserve’s Main Street Lending Program

The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.

Program highlights include:

  • $600 billion for lending
  • Small and — unlike SBA’s programs — medium-sized businesses are eligible
  • Defined as up to 10,000 employees or up to $2.5 billion in revenue in 2019
  • Businesses will apply for loans through U.S. insured depository institutions, U.S. bank holding companies, and U.S. savings and loan holding companies
  • Does not come with loan forgiveness
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