Southeast Alaska Timber Industry Retooling and Restructuring Act - Establishes a two-year grant program for retooling projects that are designed to facilitate the economic adjustment of specified timber entities by allowing them to: (1) improve or alter their business and practices to become more competitive within the timber industry; or (2) shift to a type of business that is not related to the timber industry.
Authorizes the Secretary of Agriculture to provide grants under such program to any entity that operated in the timber industry in Alaska on January 1, 2009, that, prior to such date, operated in Alaska for not less than 10 years.
Sets forth provisions concerning eligible uses of grant funding.
Treats a grant recipient as a small business concern owned or controlled by socially and economically disadvantaged individuals (as that term is defined in the Small Business Act) for three years after the grant was approved.