6/22/21 Press Release - American Recovery Plan Act Funds

6/30/21 UPDATE:

The City of Fairbanks is providing Coronavirus Local Fiscal Recovery Funds to speed the recovery of small businesses impacted by COVID-19. This grant is specifically for the tourism, travel, and hospitality related businesses within city limits and will be based on the percent of revenue loss and available funds.

Applications will be accepted from July 1, 2021 to August 15, 2021, and notifications of awarded funds will be made by August 31st. The applications will be available July 1st by going to the City of Fairbanks website and clicking the banner on the top of the page.

*Answers to frequently asked questions can be found by CLICKING HERE.*
 

trsoden 6/30/21

ORIGINAL POST:

Press Release

FOR IMMEDIATE RELEASE – American Recovery Plan Act Funds 

DATE: June 22, 2021 

MEDIA CONTACT: Teal Soden, Communications Director,  tsoden@fairbanks.us 

The City of Fairbanks (COF) will be receiving approximately $5.5 million in Coronavirus Local Fiscal Recovery Funds as part of the American Recovery Plan Act (ARPA). Unlike the previously received CARES Act funds that the City distributed in 2020, the American Recovery Plan funds can be used to replace public sector revenue loss. This morning, the City Chief Financial Officer presented the recommendations from the City administration to the Finance Committee.

Below is the information and the recommendations for disbursement of ARPA funds: $5,551,822 has been awarded to the City of Fairbanks. So far, COF has received $2,775,911 and the balance will be received in 2022. After discussion with the City Finance Committee and City Council, the proposal is that $4,030,000 be used to replace public sector revenue loss and that $1,521,822 be distributed to address negative economic impacts specifically within the tourism, travel, or hospitality sectors in the City of Fairbanks. 

Application criteria for businesses and organizations is as follows:

 • 2021 COF business license in good standing 
 • Annual receipts $8 million or below (exception $35 million for hotels and motels and $22 million for tourism agencies and bureaus) 
• Within tourism, travel, or hospitality sectors 
• Physically located within City limits 
If the plan is approved, applications will be accepted on the COF website during the month of July, and notifications of awards will be given by August 13th. Applicants will be required to provide a completed online application, 2019 and 2020 certified tax returns, 2021 financial statements, a W-9 form, and a voided check or letter from their financial institution. 

Businesses can contact 907-459- 6775 for assistance during the application period. A resolution with these recommendations will be presented to the City Council at next Monday’s meeting. More information will be released as it becomes available.