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COVID-19 Economic
Stabilization Plan

Office of Governor Mike Dunleavy

As the COVID-19 virus and the economic impacts unfold, the plan will adjust to take into consideration new, unforeseen negative impacts. It must be noted that this is a stabilization plan – not an enhancement, not an attempt to grow government, and not in place to create new programs. Rather, the plan is merely an attempt to mitigate the health and economic impacts as a result of this virus. The details of this six-point plan will be forthcoming over the weekend and there may be additional stabilization efforts added to the six points outlined in the attached handout. The Alaska Economic Stabilization Team lead by Former Governor Sean Parnell and Former U.S. Senator Mark Begich, who are in constant contact with the business community of Alaska, will also add suggestions that modify this plan. As this is an ever evolving and unprecedented event, so should be the response.

Governor Dunleavy's 6 Point Plan

In response to the COVID-19 pandemic, Governor Dunleavy is focusing on six areas to provide stability to the economy and ensure Alaskans have the resources needed during this unprecedented time.

  1. Immediate Relief for Alaskans
    • COVID-19 Emergency Permanent Fund Dividend (PFD) – $815 million (Dependent Upon Legislative Action)
      • Immediate appropriation and release of the unfunded 2019 PFD
    • Full Statutory 2020 PFD (Dependent Upon Legislative Action)
      • Issued in two payments of ~$1,550 in June & October
    • Emergency unemployment benefits (Dependent Upon Legislative Action)
    • Alaska Housing Finance Corporation mortgage relief
    • Student loan interest waiver – $2.3 million (Dependent Upon Legislative Action)
    • Reduction/suspension of fees across selected state agencies

  2. Alaska Businesses
    • Establish the Alaska COVID-19 Emergency Business Loan Program
      • Provide 100% state-guaranteed loans to Alaskan businesses for immediate relief.
      • Loan program will be administered by local banks and structured to meet Alaska’s unique needs.
    • State Training Employment Program (STEP) – $2 million (Dependent Upon Legislative Action)

  3. COVID-19 Emergency Healthcare Enhancements
    • Alaska COVID-19 Healthcare Fund – $75 million
      • Emergency response/isolation shelters
      • Additional medical personnel
      • Critical supplies, test kits, ventilators, & protective gear
    • Expand telehealth services

  4. Municipalities
    • Emergency Community Lost Revenue Replacement Program
      • Replace lost revenue due to negative economic impacts associated with COVID-19

  5. School Districts
    • Statewide virtual schools – $518,000 (Dependent Upon Legislative Action)
    • School nutrition – $3 million (Dependent Upon Legislative Action)
    • Distance delivery education – $500,000 (Dependent Upon Legislative Action)
    • Student laptop & digital content – $1 million (Dependent Upon Legislative Action)

  6. State Workforce
    • Retrofit state offices to protect against the spread of COVID-19
    • Telecommuting options for state employees

More information on COVID-19 from Governor Dunleavy and the State of Alaska

COVID-19 News & Information from the Alaska Department of Health and Social Services.