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Alaska Economic Stabilization Team

On March 17, 2020, Governor Mike Dunleavy announced the creation of the Alaska Economic Stabilization Team (AEST). The bipartisan group of leaders will work with the Dunleavy administration on a plan to protect the state’s economy from the impact of COVID-19 in Alaska. The group will be led by former Governor Sean Parnell and former U.S. Senator Mark Begich. The remaining seats will be filled by a cross section of Alaska’s economic leaders and former elected officials.

Alaska Community Foundation

The Alaska COVID-19 Response Fund at The Alaska Community Foundation will support non-profits that provide critical services to communities and individuals throughout Alaska whose lives have been devastatingly impacted by recent events.

The health and economic issues that many are facing create overwhelming immediate needs for non-profits and the individuals they serve. Both the lives and livelihoods of Alaskans are at stake. To help address the immediate and unknown long-term impacts of the pandemic, please give generously to the Alaska COVID-19 Response Fund at The Alaska Community Foundation.

The fund is a collaborative effort with local and statewide funders to provide coordinated support to non-profits across Alaska. Visit the Alaska Community Foundation website to learn more.

Alaska Governor Dunleavy's 6 Point Plan

In response to the COVID-19 pandemic, Governor Dunleavy is focusing on six areas to provide stability to the economy and ensure Alaskans have the resources needed during this unprecedented time. Stay up to date with the plan via the State of Alaska website.

Immediate relief for Alaskans

  • COVID-19 Emergency Permanent Fund Dividend (PFD) – $815M (dependent upon legislative action)
  • Immediate appropriation and release of the unfunded 2019 PFD
  • Full statutory 2020 PFD (dependent upon legislative action)
  • Issued in two payments of ~$1,550 in June and October
  • Emergency unemployment benefits (dependent upon legislative action)
  • Alaska Housing Finance Corporation mortgage relief
  • Student loan interest waiver – $2.3M (dependent upon legislative action)
  • Reduction or suspension of fees across selected state agencies

Alaska businesses

  • Establish the Alaska COVID-19 Emergency Business Loan Program
  • Provide 100% state-guaranteed loans to Alaskan businesses for immediate relief.
  • Loan program will be administered by local banks and structured to meet Alaska's unique needs.
  • State Training Employment Program (STEP) – $2M (dependent upon legislative action).

COVID-19 emergency healthcare enhancements

  • Alaska COVID-19 Healthcare Fund – $75M
  • Emergency response and isolation shelters
  • Additional medical personnel
  • Critical supplies, test kits, ventilators, and protective gear
  • Expand telehealth services

Municipalities

  • Emergency Community Lost Revenue Replacement Program
  • Replace lost revenue due to negative economic impacts associated with COVID-19

School districts

  • Statewide virtual schools – $518,000 (dependent upon legislative action)
  • School nutrition – $3M (dependent upon legislative action)
  • Distance delivery education – $500,000 (dependent upon legislative action)
  • Student laptop and digital content – $1M (dependent upon legislative action)

State workforce

  • Retrofit state offices to protect against the spread of COVID-19
  • Telecommuting options for state employees

Alaska Emergency Loans for Juneau Businesses

The City and Bureau of Juneau (CBJ) Assembly has funded the Juneau Economic Development Council resources for loans for small businesses in Juneau negatively impacted by COVID-19.

CBJ Resolution 2888 states: “The purpose of the loans administered by the Juneau Economic Development Council are to provide small businesses with working capital to bridge the time before federal or state monies are available. The absence of state or federal assistance does not absolve the business owner for the responsibility to repay the loan.”

Eligibility:

  • Your business is physically located in Juneau.
  • Your business is current with CBJ sales tax.
  • Your business is current with property tax.
  • Your business had 25 or fewer employees during the first quarter of 2020.
  • COVID-19 has adversely impacted your business.

Access the application and additional information via the Juneau Economic Development Council website.

Alaska Rural Development Initiative Fund

Loan goal and objectives

To provide private sector employment by financing the start-up and expansion of businesses that will create significant long-term employment.

General requirements

  • Loans may be made to a business located in a community with a population of 5,000 or less that is not connected by road or rail to Anchorage or Fairbanks, or with a population of 2,000 or less that is connected by road or rail to Anchorage or Fairbanks.
  • Loans may be made for working capital, equipment, construction, or other commercial purposes.
  • Loans may not be made to pay costs that were incurred more than six months before loan application.
  • Loans must result in the creation of new jobs or the retention of existing jobs in the eligible community.
  • Provide a copy of each applicant's valid government issued identification at or before loan closing.

Terms and conditions

  • Maximum loan amount is $150,000 to one person, or up to $300,000 to two or more people.
  • Maximum loan term is 25 years.
  • Interest rate will be fixed at the time of loan approval.
  • All loans must be adequately secured. A loan may not exceed the value of the collateral used to secure the loan.
  • A reasonable amount of money from other non-state sources must be committed for use on any project for which money from a loan will be used.

Fees

  • A $150 nonrefundable application fee must be submitted with the completed application.
  • A 1% origination fee will be charged at the time that the loan is closed.
  • Borrower is responsible to pay all direct costs incurred in processing an application including title reports and title insurance, recording fees, appraisals, travel, or other direct costs.

Access the application and learn more about the Rural Development Initiative Fund via the State of Alaska website.

Alaska Mental Health Trust Authority COVID-19 Response Grant Program

With the onset of the COVID-19 pandemic, organizations serving trust beneficiaries have encountered sudden disruptions in their ability to operate and provide crucial services. In response to this need, the trustees have approved funding to support grants up to $25,000 to organizations that have been impacted.

At this time, Trust COVID-19 Grant Fund applications will be considered for beneficiary serving organizations in the following broad areas:

  • Assistance for emergent beneficiary needs (i.e., safety net needs such as rental assistance, medications, groceries, etc.)
  • Identified health and safety issues (i.e., protective personnel equipment, quarantine, and transmission prevention supplies)
  • Operations assistance (e.g., IT needs supporting tele-work and tele-service delivery infrastructure, lease payments, direct service employee assistance)

Eligibility:

  • Those eligible to apply for COVID-19 response grants are non-profits, tribal entities, local governments, and other organizations that serve trust beneficiaries.

How to apply:

For additional information and updates, visit the Alaska Mental Health Trust website.

Alaska Anchorage Cares COVID-19 Response Fund

The Anchorage Cares fund was set up on March 19, 2020 to address the numerous and unexpected needs of Anchorage citizens impacted the most from business closures, including those without access to sick days, placed on unpaid furlough that threatens housing stability, or left without quality childcare due to school or facility closure. Visit the United Way of Anchorage website to learn more.

Southeast Alaska COVID-19 Response Fund

As the nation and our communities adjust daily, even hourly, to the COVID-19 pandemic, United Way of Southeast Alaska, like many others in Southeast Alaska, has sprung into action to support our 34 partner agencies and other community partners.

While our nurses, doctors, and other health care professionals combat COVID-19 on the front lines, United Way is working with our non-profit partners to directly help individuals and families affected by the economic consequences of the pandemic while also supporting 211, the go-to information resource in times of crisis. In short, United Way of Southeast Alaska is committed to standing with our communities and supporting those impacted by the COVID-19 outbreak. Visit the United Way of Southeast Alaska website to learn more.

Alaska Tanana Valley COVID-19 Response Fund

The COVID-19 Response Fund supports members of our Interior Community who are struggling in the economic fallout from the pandemic. Donations will be rapidly deployed to non-profit agencies working to provide food, shelter, and other basic human necessities throughout the duration of the COVID-19 pandemic. Visit the United Way of Tanana Valley website to learn more.

Additional Resources:

Visit our Economic Resources and Relief Guide to review nationwide and statewide opportunities for businesses, non-profits, and individuals.

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