In June, BSNC celebrated the U.S. Supreme Court’s landmark decision to affirm and recognize Alaska Native Corporations (ANCs) as Indian Tribes under the Indian Self-Determination and Education Assistance Act, and thus eligible for funding under Title V of the CARES Act. This month, BSNC received its allocation of CARES Act funding in the amount of $15 million.
BSNC is pleased to announce that it is working in consultation with independent contractor Deborah (Debbie) J. Atuk to assess how to expend the funds in a manner that complies with the law and the U.S. Treasury’s strict spending requirements, while meeting the needs of shareholders negatively affected by the COVID-19 pandemic.
“Debbie’s dedicated commitment to BSNC’s mission, understanding of our region and extensive experience and expertise will serve BSNC shareholders well,” said BSNC President & CEO Gail R. Schubert. “Debbie’s in-depth knowledge of financial analysis, planning and due diligence will be critical to BSNC’s impactful and responsible deployment of these relief funds.”
In the coming weeks and months, BSNC will continue to keep its shareholders informed of its progress and work on these relief efforts. Program and project updates will be announced through regular communication channels. Please ensure that your contact information, such as your email address and cell phone number, is current in the MyBSNC shareholder portal by visiting https://shareholder.bsnc.net/home.
The U.S. Department of Treasury has provided guidance on how the CARES Act funds can be spent. CARES Act funding must be utilized for relief from or assistance with the impacts of the COVID-19 pandemic and may not be used for special dividends, nor can it be used for corporate bonuses or to cover lost company revenues. All recipients, including ANCs, are required to submit reports to the Treasury with respect to the use of such funds.
Full guidance on how the funds may be used from the U.S. Department of Treasury can be found here: https://home.treasury.gov/system/files/136/CRF-Guidance-Federal-Register_2021-00827.pdf.