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Financial Services Law Insights and Observations

Alaska governor proposes expanded eligibility for small business funding

State Issues Covid-19 Alaska Small Business

State Issues

On August 20, the Alaska governor announced that he proposed modifications to the AK CARES Grant Program to expand eligibility for applicants. The program provides funding for Alaska small businesses. Under the current program, applicants are restricted from applying if they received more than $5,000 in other federal assistance or if the business is a source of secondary income. The changes would lift the $5,000 restriction and restriction on secondary income businesses. Restrictions requiring that businesses be Alaska-based or have no more than 50 employees remain in place, but may be subject to review in the future. Absent earlier action, these changes will take effect in 45 days.

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