Small Business Relief Grant

COVID-19 Small Business Stabilization Grant

Small Business Stabilization Grant Updates

Small Business Stabilization Grant Updates

In response to the COVID-19 pandemic and its economic impact on our community, the Municipality of Anchorage (MOA) has committed financial resources to help stabilize small businesses. Cook Inlet Lending Center (CILC) has administered some of those resources on the MOA’s behalf.

CILC’s first round of COVID-19 relief funding launched in May 2020, after the MOA committed $1 million to support both small businesses and nonprofits. CILC opened a second and then third round of funding in September and December after the MOA designated an additional $5 million and later $7.02 million to provide financial relief for small businesses. In April 2021, the MOA committed $1.44 million to fund additional businesses from the Round 3 Waitlist.

May 2021 Funding Updates

On May 18th 2021, the Anchorage Assembly assigned additional funding to the Small Business Stabilization Grant Program. CILC is happy to share that the additional funding will provide grants to all the businesses that remain on the waitlist from Round 2 (applications submitted in Sept 2020) and Round 3 (applications submitted in December 2020-January 2021). If you previously applied and received notification that your business was added to the waitlist, you are eligible to receive funding in this round (contingent upon confirmation of eligibility).

The Small Business Stabilization Grant is closed to new applications.

Funding Timeline and Process

To complete the funding process, each applicant will upload documents, via the application software Lenderfit, that are required to process the grant funds. After the documents are reviewed and approved, each applicant will sign an eligibility attestation and grant agreement, after which CILC will send the grant funds via wire transfer.

CILC contacted the remaining waitlisted businesses via email on Wednesday June 30th with more details about the next steps. CILC staff will send invitations to the Lenderfit platform between June 30th and July 14th. Given the high volume of business in this round, please allow 5 business days for the CILC team to review and approve uploaded documents. After signing the grant agreement, please allow 15-20 business days for payment processing.

Please note that messages from our email software may be directed to your spam or promotions folder; please monitor your inbox accordingly. Emails will come from the address reliefgrant@cookinletlending.com.

Eligibility Requirements

Eligible businesses must:

  • Be located in the Municipality of Anchorage
  • Have earned less than $2 million in gross revenues in 2019
  • Have been opened and operating by March 1, 2020
  • If the business is a sole proprietorship, single member LLC, or single-shareholder corporation, the business must account for 75% of the owner’s individual income in a typical year. 

FAQ

Small Business Grant Relief FAQ

No. So long as you use the money to pay for eligible operating expenses, you do not have to repay it.

Payroll, employee benefits, rent, utilities, taxes, and payments to vendors are all eligible expenses. Other operating expenses may be eligible but must be approved before the funds are used.

Yes, recipients are required to spend grant funds by June 30, 2022.

If the resources available are insufficient to fund all eligible applicants, then awards will be determined by a random selection conducted by a third-party contractor.

Businesses that were open and operating on or before March 1, 2020 are eligible.

Businesses received notification of their waitlist status via email on January 18th 2021. Emails were sent from reliefgrant@cookinletlending.com. Please note that messages from our email software may have been directed to your spam or promotions folder.

Yes, pending confirmation of eligibility for the program, all businesses that are currently on the waitlist will receive funding.

  1. Businesses received an email on June 30, 2021 with more details about the next steps.
  2. Between June 30th and July 14, CILC staff will invite you to our grant processing platform, Lenderfit.
  3. You will upload documents in Lenderfit that we need to process your grant (voided check, W9, payment verification form). Due to the high volume of grants, please allow 5 days for CILC staff to review and approve your documents.
  4. After your documents are approved by CILC staff, you will sign the grant agreement and attest to your eligibility for the program.
  5. CILC will send the grant funds, via wire transfer, to your account. Due to the high volume of grants, please allow 15-20 business days for the transfer to be completed.

No, the program is closed to new applications. The new funding will only provide grants to businesses that applied in previous rounds and remain on the waitlist.

Eligible applicants must:

  • Have a business located in the Municipality of Anchorage;
  • Have earned $2 million or less in gross revenue in 2019;
  • Have been harmed by the COVID-19 pandemic;
  • Not be a business restricted to patrons above the age of 18 or 21 (e.g., liquor store, bar, smoke shop, marijuana dispensary, adult entertainment); and
  • If the business is a sole proprietorship, single-member LLC, or corporation with only one shareholder, the owner must receive at least 75% of their personal gross income from the business in a typical year.

Yes. Businesses that received COVID-19 relief funding from other programs are eligible. However, recipients may not use any portion of their MOA grant for expenses that were already paid by or attributed to another relief program.

No. Applicants who received funding in a previous round of the MOA Small Business Stabilization grant program are not eligible for an additional award.

No. The MOA has committed other funding to provide assistance to affected nonprofits. Please see the MOA’s website for updates.

Yes, sole proprietorships are eligible to apply. There are no limitations on how many sole proprietorships will be eligible for funding.

Yes, for sole proprietorships, single member LLCs and single-shareholder  S-corporations, the business income must account for 75% of the owner’s total individual income.

Yes, chains and franchises are now eligible to receive funding.

No, it does not matter how many people your businesses employs.

Your business must be located within the Municipality of Anchorage, including but not limited to the Anchorage Bowl, Eagle River, Chugiak, Birchwood, Peters Creek, Eklutna, Girdwood, Indian, and Bird. Your location may be an office, store, restaurant, or other physical location. Home-based and mobile businesses are eligible as long as they provide services in Anchorage.

Yes, seasonal and mobile businesses are eligible if they are either based in or do substantial business within the Municipality of Anchorage. This includes food trucks and businesses that operate a stand at one or more markets.

Yes. Any business legally restricted to patrons over age 18 or 21 is ineligible, including bars, liquor stores, marijuana dispensaries, smoke shops, and adult entertainment. Other ineligible businesses include payday lenders, pawn shops, unlicensed massage parlors, bingo halls, pull tab businesses, and other businesses related to gambling, betting, or gaming.

No. If an individual owns a majority interest in more than one business, then only one of those businesses may receive an award. 

Yes. Businesses must be able to show that they have been harmed by the COVID-19 pandemic in one or more of the following ways:

  • full or partial closure due to government order;
  • has had to lay-off, furlough, or not pay one or more employees;
  • lost monthly revenue of 25% or more; and/or
  • likely to close without financial assistance

If you are selected to receive an award, you will be required to verify your eligibility by signing a grant agreement attesting your business’s eligibility. If you knowingly provide false information, you will be required to pay back any funds you receive, and you may be subject to criminal prosecution.

Applications will be accepted until 5:00 p.m. on Monday January 11, 2021.

You may complete and submit an application online at cookinletlending.com. You may also submit your completed application to Cook Inlet Lending Center by email at reliefgrant@cookinletlending.com or in person at 3600 Spenard Road, Suite 100. PDF applications can be requested by emailing reliefgrant@cookinletlending.com

This is the fourth round of funding for this program and it will clear the waitlist from the previous rounds. It is possible, but not likely, that more funds will become available for a new application round.

Yes, you will be required to report grant funds as gross income when you file your 2020 taxes. For more information from the IRS click here.

Still have questions?

Email us at reliefgrant@cookinletlending.com