FAQ Category: Shareholder Small Business Grants

Grant program funding to support small businesses is not excluded from the business’ gross income under the Internal Revenue Code, and is therefore taxable.

For more information on taxes and small business please visit the Internal Revenue Services here.

This grant offers direct assistance to shareholders whose small businesses have been impacted by COVID-19.

Eligibility Criteria:

Shareholder-Owned Licensed Small businesses with an Employer Identification Number (EIN) – including C-corps, S-corps, Partnerships, LLCs, Nonprofits (501(c)3 501(c)6, and 501(c)19 organizations, sole proprietorships, and commercial fishermen – impacted by COVID-19 that meet the following criteria:

• Business was licensed and established before March 1, 2020;
• Business either:
  • Has 50 or fewer full-time or equivalent employees; or
  • If the business is commercial fishing, the Shareholder Commercial fishermen held and either (i) fished a Limited Entry Permit or Interim Use Permit issued by the Commercial Fisheries Entry Commissioner (CFEC) in 2020 or (ii) were not able to fish under that permit in 2020 due to COVID-19; and
• Can certify that the amount requested:
  • Will be used for necessary expenditures incurred due to the public health emergency with respect to COVID-19, including reimbursing the business for necessary expenditures incurred due to the public health emergency with respect to COVID-19 prior to receipt of the grant;
  • Were or will be incurred during the period that begins on March 1, 2020 and ends on December 31, 2021; and
  • The financial hardship or COVID-19 related expense for which they are seeking assistance has not been accounted for or reimbursed by any other Alaska Native Corporation, tribal government, local or state government, or other CARES Act program, such as the Paycheck Protection Program or CARES Act grants from tribes or local governments.

Eligible Business Expenses include:

• Payroll costs and expenses;
• Rent or mortgage payments for business facilities (unless otherwise waived by lessor/lender);
• Utilities payments;
• Purchases of personal protective equipment required by the business and/or remodeling, equipment, fixtures, and other changes to the business’s operations that were necessary due to COVID-19 and/or to respond to public health mandates or recommendations related to COVID-19;
• The purchase of business-related equipment;
• Expenses incurred to replenish inventory or other necessary re-opening expenses; and
• Lost revenue due to the COVID-19 public health emergency, including reduced revenue due to a reduction in customers even in the absence of stay-at-home order or other public mandate mandating closure of business.
• Financial hardship or expenses caused by or related to COVID-19 that has not already been accounted for or reimbursed by any other Alaska Native Corporation, tribal government, local government, or other CARES Act program (such as the Paycheck Protection Program or CARES Act grants from tribes or local governments.

Required Documentation:

• Completed and Signed Application
• Completed Vendor Questionnaire Form
• Copy of Business License

 

Individual grants will be distributed evenly amongst the number of applicants approved. Thus, individual grant amounts will be determined once the application period closes and applications are reviewed.