The state has opened up another round of federally funded pandemic aid for businesses, though this latest program is different from past assistance efforts: The money will be awarded based solely on financial need, not on the date of application.
The state has set aside $90 million for the program, which is being administered by the Juneau Economic Development Council under contract to Alaska Department of Commerce. The application deadline is 8 a.m. Oct. 17.
The money is from the American Rescue Plan Act, which Congress approved and the president signed in March.
“Grants will not be awarded until the end of the application period and after all applications have been reviewed,” according to the program website. Ranking all the requests together will allow the funds to go to the businesses most in need of additional assistance.
“Businesses must be able to demonstrate a 50% or greater loss in net income” from 2019 to 2020, due to the pandemic, according to the program guidelines.
“There’s a lot of data that has to be submitted with the application,” said Carol Rushmore, Wrangell’s economic development director.
Charter boat operators have been among the businesses hit hardest by the pandemic and they are eligible for the new program, Rushmore said.
Businesses statewide will be grouped in three categories: Annual gross revenues under $2.5 million; up to $10 million; and up to $50 million. The grants can cover up to 80% of income loss, with a cap in each category.
Grant funds can go toward past, current, or future business expenses. The deadline to spend the money will likely be fall 2022, the state said.
To apply, go to the JEDC website at http://www.jedc.org. For more information, call the council at 907-917-3720, or email ARPAGrant@jedc.org.
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