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Anchorage small businesses can apply for $7M grant next week

December 12, 2020 GMT

ANCHORAGE, Alaska (AP) — Applications will open next Friday for an additional $7 million allocated for Anchorage small businesses.

The Anchorage Assembly had passed on Tuesday a $15.4 million stimulus package aimed at counteracting recent coronavirus-related business closures.

Much of the funds will go to small businesses that previously applied to the municipality’s Small Business Relief Grant program and were placed on the waitlist.

Approved businesses will receive $10,000, the Anchorage Daily News reported.

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There’s $5 million earmarked for waitlisted businesses, $1.9 million allocated for businesses that have not previously applied and another $120,000 for franchise businesses that had previously applied for relief but were denied because they were a franchise.

Businesses that had previously received money from the grant program are not eligible to receive more funds.

To qualify for the grant, a business must be located within the municipality, must have earned $2 million or less in revenue in 2019, must have opened on or before March 1 and cannot be a business restricted to customers over 18 or 21. Additionally, if the business is a sole proprietorship, single-member LLC or corporation with only one shareholder, the owner must receive at least 75% of his or her yearly income from the business.

Businesses will be selected randomly. Applicants who were previously waitlisted do not need to reapply and will be automatically placed into the random draw.