Bristol Bay Native Corporation (BBNC) is grateful for the opportunity to assist our shareholders with incoming CARES Act relief funds as new variants and COVID-19 cases continue to rise throughout Alaska and impact our communities. BBNC’s leadership team is currently reviewing the U.S. Department of Treasury’s guidelines for the funding—which contains strict instructions on how the CARES Act relief funds may be used—to determine the specifics of a distribution plan.
BBNC received $16.9 million in CARES Act relief funds that will help BBNC assist our people and communities to address the impacts from the pandemic. BBNC is planning to offer emergency assistance to shareholders who have been financially impacted by the pandemic and is working on establishing a secure application process for needs-based assistance. We will determine the dollar amount that will be available per qualified shareholder applicant once we have more information. We are also exploring other options to ensure the funds are utilized where they can be most beneficial to those experiencing hardships from the pandemic. Relief funds must be distributed to qualified shareholder applicants by no later than December 31, 2021, but we anticipate making most distributions before that date.
Shareholders should be aware that federal restrictions prevent us from paying out a special dividend with CARES Act relief funds. We ask for your patience and understanding while we develop and work on an efficient and reliable system for this new process and application.
A total of $8 billion in Tribal relief funding was allocated by the CARES Act, but the U.S. Treasury did not begin making payments to Alaska Native Corporations (ANCs) until recently. The U.S. Treasury allocated nearly $443.9 million to ANCs, which include 12 regional corporations and more than 190 village corporations. The amount allocated to ANCs is less than 6 percent of the total allocated for Tribal relief nationwide.
We will keep shareholders informed of additional details as soon as they are available on this webpage.