Alaska Delegation Welcomes $5.3 Million in CARES Act Funding to Help Small Businesses Across Alaska Respond to COVID-19
WASHINGTON, DC – U.S. Senators Lisa Murkowski and Dan Sullivan and Congressman Don Young (all R-Alaska) today welcomed an announcement from the U.S. Department of Commerce that the Economic Development Administration (EDA) is awarding $5.3 million in CARES Act Recovery Assistance to the State of Alaska to administer a Revolving Loan Fund (RLF) to provide critical financing for small businesses and entrepreneurs across the state that have been impacted by the ongoing COVID-19 pandemic.
“Alaskans are resilient, but the coronavirus pandemic has created an unprecedented situation that has impacted our economy at all levels,” said Senator Murkowski. “Congress worked hard to provide this funding, which I’m proud to see is going directly to Alaska small businesses and entrepreneurs severely impacted during this pandemic. This kind of assistance is exactly what Congress set out to do when creating and passing the CARES Act. We are providing much-needed relief to help our small businesses survive."
“This pandemic has been extremely challenging for many of Alaska’s small businesses—the backbone of our state’s economy,” said Senator Sullivan. “Passing the CARES Act and working with the Administration—including with U.S. Department of Commerce—we have been successful in getting much-needed funds to Alaska businesses, workers, and families throughout the state. This grant, to capitalize and administer a Revolving Loan Fund, will help provide even more relief to our small businesses and entrepreneurs who have been adversely affected by the coronavirus pandemic.”
“The COVID-19 pandemic has affected nearly every area of public life and businesses of all sizes,” said Congressman Young. “The CARES Act was crucial for supporting our economy at a time of crisis, and providing needed funding for recovery. I am pleased to see the Economic Development Administration making significant investments in Alaska. This funding will go a long way toward helping entrepreneurs across our state keep their doors open and employees paid while we work to overcome COVID-19. I want to thank President Trump and Secretary of Commerce Wilbur Ross for their continued partnership on behalf of our state’s businesses and their dedicated workers.”
Background courtesy of the Department of Commerce:
The State of Alaska Department of Commerce, a current EDA RLF grantee, is one of the more than 850 existing, high-performing EDA Economic Development District, University Center, Tribal, and RLF grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
On May 7, Secretary Ross announced that EDA is accepting applications for CARES Act Recovery Assistance funding opportunities.
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page.
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