Small Business Thanks Alaska Legislature for Transferring Federal Relief

Date: May 13, 2020

Alaska Small Business will Get Much Needed COVID-19 Funds.

Earlier this week, the Legislative Budget and Audit Committee voted to approve the transfer of funds to Alaska small businesses. The money is from the federal Coronavirus Aid, Relief, and Economic Security Act, or CARES.

 

Last month, Congress passed the legislation, giving Alaska $1.5 billion in federal stimulus funds. The governor and the Legislative Budget and Audit Committee have spent the last several weeks deciding how to divvy up that money. 

 

Small businesses in Alaska will receive $290 million of that money, which will be distributed through the Department of Commerce, Community and Economic Development. The state estimates that money will help about 10,000 small business owners, Alaskans who were unable to get any relief money through the federal government’s Paycheck Protection Program.

 

“This money is a game changer for thousands of Alaska small business owners across the state,” said NFIB State Director in Alaska, Thor Stacey. “Tourist season is here but the tourists are not. Many Alaska small businesses are hanging by a thread and many more are facing the real possibility they may have to shut their doors. This money is a lifeline that could help them weather the storm until the economy picks back up. The legislature, working together with Gov. Mike Dunleavy, did the right thing and small businesses across the state are grateful for their action.”

 

Alaska fisheries will also see $100 million in economic stimulus, a portion of which will help commercial fishermen and small business owners who operate charters and give guided fishing tours.

 

Related Content: News | State | Alaska | CoronaVirus State

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