The Foraker Group

Posted Under: COVID

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The AK CARES grant application is live and has received 800 applications totaling $37 million in its first week. Credit Union 1 continues to process the applications they received before the portal went live. If your organization applied to CU1, there is no need to reapply. CU1 has approved 500 applications for a total of $24 million.

A few tips for filling out the application:

• Gather all your documents before beginning the application. Once the portal application has been started, you cannot save your application and return later. The portal will not time out, so you can leave it open as long as you need.
• When a supporting document is uploaded, there is a text box allowing the applicant to leave a note regarding the document if explanation is needed.
• If you have questions, call the AIDEA call center at 907 721-3019 or email grants@akcaresonline.org

The State of Alaska will report the grant funds awarded to the IRS. There is not yet clarity whether or not the grant funds will be taxable.

You can learn more about the grant here or watch the Alaska Small Business Development Center Q&A here.