10/16/2021 | Press release | Distributed by Public on 10/16/2021 07:55
Shee Atiká, Inc. received $277,000 in CARES Act funds from the US Treasury and is working to develop a process for the disbursement of Shee Atiká funds.
Shee Atiká followed the stringent US Treasury Department guidelines to ensure that its application for CARES funds was thorough, complete and submitted in a timely fashion. After the application deadline, the Treasury Department created a complex formula for how CARES Act money would be allocated to tribes and Alaska Native corporations (ANCs). This formula focused on three criteria: Tribal/ANC population, total corporation employment during 2019 and total corporate expenditures during 2019. Shee Atiká received far less in CARES Act funds than many ANCs and Tribal organizations, primarily because our employment and expenditure amount during 2019 were much less than other ANCs and tribal organizations.
The CARES Act provides strict rules that limit how CARES Act funds can be used which Shee Atiká is required to follow. For example, these rules are clear that Shee Atiká cannot use these funds to provide a dividend to our shareholders or make payments that are not tied to necessary expenditures due to COVID. As we go through this process, we want Shee Atiká shareholders to know that our intention is to provide the most benefits legally allowable with the small amount of funds that we have received. We hope to finalize arrangements and implement a plan for our shareholders by early November.
The past several months have been very challenging for many due to the COVID pandemic and there are many of our shareholders and their families who continue to face daunting hardships, economically, emotionally and physically. We will share additional information about Shee Atiká's plan to utilize the CARES Act funds as soon as we can. This information will be sent to shareholders via email, the Shee Atiká website and regular mail. Please check back periodically for more information.