Small businesses and nonprofits can begin to apply for COVID-19 financial relief available through the Kenai Peninsula Borough on Monday.
The borough Tuesday announced how it plans to distribute the $15 million in financial relief. The funds are available to small businesses and nonprofits physically located within the borough and outside of any of the borough’s incorporated cities, which are Homer, Kachemak City, Kenai, Seldovia, Seward and Soldotna.
Borough residents can apply for these grants July 13 through July 24.
Businesses and nonprofits can apply for these funds even if they have already received state or federal COVID-19 assistance, as long the applicant can show that borough relief funds would be used for expenses not already covered by other funds.
Grants for both businesses and nonprofits will be divided into five levels. Applicants will receive between $1,750 and $35,000 based on gross revenue from 2019. If the demand for grants ends up being more than the available funds allow, the borough will adjust grant amounts for all recipients.
Applications will be available online at cares.kpb.us.
Eligible businesses must have a valid Alaska State Business License and must have been existence since Jan. 1, 2020.
Funding will be based on total gross sales revenue for 2019 as reported on the sales tax return submitted to the borough. For newer businesses without a full year of sales tax returns for 2019, the borough will take gross sales reported for any quarters in 2019 or the first quarter of 2020 and extrapolate a full year’s worth of sales based on those numbers.
Businesses not required to file sales tax returns will have to provide a copy of their most recent federal income tax return or other proof of revenue deemed suitable by the borough.
Commercial fishing entities are eligible as long as they can submit a W-9 or Schedule C form with the application.
Marijuana businesses and businesses owned by borough assembly members, service area board members, advisory board members, commission members or borough employees are ineligible for these grants.
Publicly traded corporations and national chains are excluded from the grants, but franchises that are owned and operated within the borough are eligible.
These grants are intended for nonprofits that have a physical presence outside city municipal boundaries.
Eligible nonprofits include any organizations that operate primarily for scientific, educational, service or charitable purposes in the public interest. Nonprofits such as 501(c)(4) enacted solely for local associations of employees are excluded, as well as labor organizations that politically represent their membership under a 501(c)(5) structure.
Funding amounts will be based on either 2019 borough sales tax returns, 2019 I RS 990 filings or audited financial statements — whichever is greater.
The nonprofit must have been in operation since Jan. 1, 2019 and must have a current biennial report as of May 30, 2020.
For more information on the grant program, call 907-714-2153 or email email@example.com.
Reach reporter Brian Mazurek at firstname.lastname@example.org