The Ak Cares Funding Program was established to provide crucial financial relief to Alaskan businesses impacted by the COVID-19 pandemic. This program, a vital component of the state’s economic recovery efforts, aimed to distribute funds swiftly to support businesses in navigating unprecedented challenges. If you were seeking information on the AK CARES funding program, it’s important to be aware of the current status and available alternatives.
AK CARES Grant Program: Funding Disbursed and Program Closure
It is with regret to announce that the AK CARES grant program is now closed. All available funds allocated to this program have been successfully disbursed to eligible Alaskan businesses. The program experienced an overwhelming response, and applications were processed diligently in the order they were received. Businesses that applied on or after September 2nd were notified at the time of application submission about the program’s oversubscription and the limited likelihood of receiving funding due to high demand.
While the AK CARES program is no longer accepting applications and disbursing funds, it is important to acknowledge the significant impact it had in supporting Alaskan businesses during a critical period. The program served as a lifeline for many, helping to sustain operations and retain jobs amidst economic uncertainty.
Program Audit and Compliance
To ensure accountability and transparency in the distribution of AK CARES funds, a program compliance audit is currently being conducted by Yukon Accounting and Consulting, Inc., an independent contractor working with the Alaska Industrial Development and Export Authority (AIDEA). This audit is a standard procedure to verify the appropriate allocation of funds and ensure program integrity. Grantees of the AK CARES program are requested to extend their full cooperation to Yukon Accounting and Consulting, Inc. during the audit process. For any queries regarding the validity of audit-related correspondence, please contact AIDEA directly at (907) 771-3019 or via email at [email protected].
Exploring Alternative Funding Resources
While the AK CARES grant program has concluded, the State of Alaska recognizes the ongoing needs of its business community. For businesses still seeking financial assistance and support, we strongly encourage you to explore other available resources.
The COVID-19 Recovery Resource Portal for Business website serves as a comprehensive hub for information on various state and federal level programs designed to aid businesses in their recovery efforts. This portal is regularly updated with the latest resources and opportunities.
Furthermore, for businesses specifically within the fisheries sector who may have been seeking CARES Act relief under Section 12005, please visit the Pacific States Marine Fisheries Commission (PSMFC) website for information on relevant programs: http://www.psmfc.org/cares-act-the-coronavirus-aid-relief-and-economic-security-act. Additional details regarding fishery-related relief programs can also be obtained from the Alaska Department of Fish and Game.
Conclusion
The AK CARES funding program has played a crucial role in supporting Alaskan businesses through challenging times. Although this specific program is no longer available, numerous other resources remain accessible to assist businesses in their continued recovery and growth. We encourage Alaskan businesses to utilize the provided resource portals and explore all available avenues for support as they navigate the evolving economic landscape.
