As cruise companies and independent travelers cancel their summer plans, Alaska businesses are reeling from unanticipated economic losses. Last week, the Matanuska Susitna Convention and Visitors Bureau held a webinar to discuss relief options available to those businesses in the tourist industry.
The MSCVB has a COVID-19 information page, mainly directed at visitors to Alaska, but there is information for in-state residents there also. Bonnie Quill, President of the MSCVB announced that they have suspended all marketing efforts for sixty days and that they plan to reallocate funds to promote in-state travel.
Kevin Wynne, Public Information Officer for the Small Business Administration Disaster Assistance, presented options for small businesses. The SBA is providing loans to businesses and non-profits at low interest rates. These loans are subject to a one-year deferral, can be up to two million dollars and may have a time frame of up to thirty years. According to Mr. Wynne, these loans are not designed to replace lost revenue, but can provide capital to pay fixed expenses to continue operating. More information can be found on their website: www.sba.gov/disaster. He also emphasized that the SBA is available seven days a week to process loan requests and that the loans are expected to be provided within a few weeks after the application has been submitted.
The MSCVB noted that the newly signed, Families First Coronavirus Response Act may also have additional provisions and that the situation continues to evolve. The complete webinar presentation will be posted on the MSCVB website under their COVID-19 link.
