In June of this year, the Supreme Court of the United States issued a decision favorable to Alaska Native Corporations (ANC), holding that ANCs were eligible to receive CARES Act funds. In August 2021, Doyon, Limited received its allocation of CARES Act funds in the amount of $30.9 million.
Since receipt of these funds, Doyon has been diligently working to understand how to use these funds appropriately and within the Federal guidance. These funds will be thoroughly audited by the Government and are subject to review by the U.S. Department of Treasury’s Office of Inspector General. CARES Act guidance requires the funds to only be utilized for COVID-19 related expenses CARES Act funding may not be used for special dividends, nor can it be used for corporate bonuses, or to cover lost company revenues.
With these funds, Doyon has implemented the Doyon CARES Assistance Program to provide financial relief to shareholder individuals and children who have been negatively impacted by the COVID-19 pandemic. In the guidance, Doyon is prohibited from issuing “pro-rata distributions” to shareholders, instead documentation of need from each individual is required.
In addition, Doyon, Limited is working with Tanana Chiefs Conference, Interior Regional Housing Association, Fairbanks Native Association, our rural school districts and other such entities that serve our region to plan expenditures that will help our communities during this pandemic. Expenses include purchase of PPE, COVID-19 testing, materials for social distancing, water and waste water treatment, and other such projects that fit within the Federal guidance issued by the Department of Treasury.
In the coming weeks and months, Doyon will continue to keep you informed of our progress and work on these relief efforts. Program and project updates will be announced through future newsletters and website updates.
