AK CARES Act Update

The Alaska Department of Commerce, Community, and Economic Development (DCCED) issued a press release on June 17 outlining changes to the AK CARES Act  program process managed by Credit Union 1

Small businesse that received $5,000 or less PPP or EIDL funds are now eligible for AK CARES Act funding.

This only applies to businesses that received PPP or EIDL (as it currently included “or other federal programs under the CARES Act). Businesses that received funding under other federal programs besides PPP or EIDL – such as unemployment – can apply regardless of the amount of funds they received.

AK CARES funds cannot be used for the same expenses funded elsewhere.

DCCED and the Alaska Industrial Development and Export Authority (AIDEA) are working to finalize program details based on these changes. More information will be posted on the DCCED website; applications are managed by Credit Union 1.