FAIRBANKS, Alaska (KTVF) On Wednesday July 1, 2020, City of Fairbanks CARES Act funds will become available to individuals and small businesses.
The City of Fairbanks website, fairbanksalaska.us, has implemented a banner header directing to its CARES Act page. (City of Fairbanks)
The funds will be available in the form of grants, and applications will be available for small businesses and non-profits from the City of Fairbanks website. Although the City initially announced that 1st National Bank Alaska was going to be processing small business applications, the City has decided to handle the grants themselves.
Eligibility for small businesses and non-profits is contingent on several factors, including previous receipt of CARES Act funds for a specific expense from other sources, such as the state or federal government. This means that businesses who received federal Economic Injury Disaster Loans (EIDL) or Paycheck Protection Program (PPP) would not be eligible for similar expenses.
In fact, the City will not cover payroll expenses at all. Covered expenses for small businesses or non-profits include mortgage or rent, utilities, the purchase of personal protective equipment, and re-opening expenses including inventory. Expenses must have been incurred between March 1, 2020, and May 31, 2020.
Only businesses and non-profits which have a city business license as of April 30, 2020, are eligible for CARES Act funds from the City of Fairbanks.
Like small businesses, individuals will be able to cover mortgage or rent, and utility expenses incurred between March 1, 2020, and May 31, 2020. Only one application per household will be accepted.
The City notes that all applications are final: this means that applicants must submit all expenses with their applications. Additional submissions will not be accepted.
Expenses which are not listed here may still be eligible for CARES Act funds. Applicants can obtain more information from the City CARES Act website, or by calling 907-459-6775 for small business and nonprofit inquires, 907-371-2141 for individual inquiries. Additionally, interested parties can email FBKSCARES@fairbanks.us.
Sample small business applications can be viewed here.
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