Business and economic development resources during COVID-19 response

HEDC will continue to update this page with resources as we compile them.
(last update April 16, 2020)

We can also provide some technical assistance with the resources below. Please call us at 766-3130 or email us with any questions or concerns. Below are the three main topics on this page; click below to jump to any of these sections on the page.

UPDATE: As of April 16, the SBA and lenders are no longer taking applications for the EIDL and PPP programs. You can read the SBA Press Statement by Secretary Mnuchin and Administrator Carranza on the Paycheck Protection Program and Economic Injury Disaster Loan Program at https://bit.ly/34J0cKR. However, it’s expected Congress will pass another relief bill soon to support small businesses and add more money to these funding opportunities. Businesses can still prepare to apply for the EIDL, EIDL Emergency Advance, and the PPP. Prepare the documents now that you will need to to apply when applications are opened again.

Assistance for Small Business and Entrepreneurs
Unemployment Resources
State Economic Revitalization Efforts

Where to start? The following questions might help point you in the right direction. Do you need:

Capital to cover the cost of retaining employees? Then the Paycheck Protection Program might be right for you.
- Paycheck Protection Program overview
- Paycheck Protection Program Information Sheet for Borrowers
- Paycheck Protection Program Application
A quick infusion of a smaller amount of cash to cover you right now? You might want to look into an Emergency Economic Injury Grant. These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you must first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
- A check list and overview of the application process
- The starting page for the SBA loan application
To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help. This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law. Find complete details on each of these programs by downloading The Small Business Owner’s Guide to the CARES Act and read page 7.
Just some quality, free counseling to help you navigate this uncertain economic time? Contact the Alaska Small Business Development Center or take part in their free, daily webinar to answer questions about all the options available to you.

Assistance for Small Business and Entrepreneurs

This overview of the CARES Act for Small Businesses is a good recap of all the programs available.

The Alaska Small Business Development Center has created a COVID-19 Resource Center with guidance, updates and resources to help businesses and entrepreneurs adapt in an unpredictable situation. It includes On-Demand trainings (free through April), tips, news and more.

The U.S. Chamber of Commerce has compiled CDC’s coronavirus recommendations into a “Coronavirus Response Toolkit.”

Spruce Root has a team of business coaches and advisers available for assistance.

Other tips:

America’s Small Business Development Center COVID-19 Small Business Resources
Interim Guidance for Businesses and Employers from Centers for Disease Control (CDC)
Guidance on Preparing Workplaces for COVID-19 from Occupational Safety and Health Administration
Coronavirus Tax Relief from the IRS
Is COVID-19 killing your cash flow? 6 things you can do right now From Center from Inclusive Entrepreneurship

Unemployment

This information may change and will be updated based on legislation regarding Unemployment Insurance benefits. Pending federal legislation will loosen some restrictions on available unemployment benefits.

Frequently Asked Questions about unemployment benefits during the COVID-19 response from State of Alaska.

How to file for unemployment benefits from the State of Alaska.

State Economic Revitalization Efforts

Alaska Gov. Dunleavy’s 6 Point Economic Revitalizing Plan

Information sheet (March 20) from the Alaska Economic Revitalization Team