Calista Corporation Receives 2020 CARES Act Relief Funding
Leadership reviewing how to expend funds to meet the needs of impacted Shareholders
August 10, 2021
(Anchorage, Alaska) – Following a U.S. Supreme Court ruling this summer that Alaska Native Corporations (ANCs) are eligible for payments from the 2020 CARES Act Coronavirus Relief Fund, Calista Corporation has finally received funding on behalf of its Shareholders.
On August 9, 2021, Calista received its total allocation in the amount of $12.2 million.
Calista’s leadership is assessing 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. Finalizing these determinations and implementing programs will take several weeks.
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 ANCs until now. Last week, the U.S. Treasury said it would allocate nearly $443.9 million to ANCs, which include 12 regional corporations and more than 200 village corporations. The amount allocated to ANCs is less than 6 percent of the total allocated for Tribal relief.
The U.S. Treasury has very strict guidelines on how this funding may be used. For example, a special dividend is not allowed. Using funds to offset lost revenues is not allowed. Bonuses are not allowed. All payments from the CARES Act Tribal relief funds must be directly related to the current pandemic. Periodic reporting to Treasury on how funds are used is required. Treasury has stated that organizations should expect audits on how funds are used.
Full guidance on how funds may be used are at https://home.treasury.gov/system/files/136/CRF-Guidance-Federal-Register_2021-00827.pdf.
Calista Corporation has over 33,700 Shareholders and is the parent company of more than 30 subsidiaries in the following industries: defense contracting, construction, real estate, environmental services, natural resource development, marine transportation, oilfield services, and heavy equipment sales, service and rentals. Since 1994, Calista has provided more than $5.5 million in scholarships to its Shareholders and Descendants. Since inception, Calista has declared more than $85.9 million in dividends and distributions, and $8.2 million in Elders’ Benefit Program distributions to Shareholders. Calista can be found on Facebook, Twitter and Instagram.