As of final week, 477 Guam companies acquired a complete of $40.6 million in Paycheck Safety Program loans via the Small Enterprise Administration, based on the federal company’s newest knowledge.
Nationally, the company has awarded 7,065,800 loans, totaling about $662 billion.
The Paycheck Safety Program gives low-interest loans to companies struggling as a result of COVID-19 pandemic. An goal of this system was to attenuate mass unemployment; a portion of the mortgage might be forgiven if its spent towards retaining workers on payroll.
Loans may be utilized towards hire, operations expenditures, property injury prices, provider prices and employee safety expenditures.
Extra:Paycheck Safety Program restarts
Extra:Small companies, nonprofits can apply for Paycheck Safety Program
Guam companies that availed of the loans to this point stretch throughout a spread of industries, from meals companies, wholesale commerce, insurance coverage companies to development, based on mortgage recipient knowledge launched on the finish of final 12 months.
Guam’s main insurers all acquired the loans, together with Calvo’s Insurance coverage, StayWell Insurance coverage, Nanbo Insurance coverage, NetCare Life and Well being Insurance coverage and Moylan’s Insurance coverage.
Retail commerce additionally largely benefited, with Triple J Enterprises Inc. stating its mortgage supported 244 automobile dealership workers. Barrigada-based Jae Hoon Company mentioned it supported 150 workers and Dededo-based L.F. Company that said it retained 110 workers.
The biggest sector on Guam availing of the Paycheck Safety loans was lodging and companies, with lots of the island’s inns and eating places receiving the loans.
The mortgage program was reopened in January after former President Donald Trump signed a COVID-19 reduction package deal. This spherical of this system authorizes as much as $284 billion towards job retention and sure different bills via March 31, and permits sure debtors to use for a second mortgage.
Native small companies and nonprofits with fewer than 20 workers can apply for the Paycheck Safety Program from Feb. 24 to March 10, Gov. Lou Leon Guerrero said late final week.
“Our small companies had been among the many most affected by this pandemic, and we welcome any coverage or initiative that offers these enterprise homeowners further help. My administration will proceed to do no matter we will to assist our entrepreneurs, and I encourage all certified small enterprise homeowners and nonprofits to use,” she mentioned.
Companies may see extra assist as the newest COVID-19 reduction package deal makes its manner via Congress. A brand new restaurant revitalization fund administered via the U.S. Small Enterprise Administration may assist native eating places via grant funding, and a complete of $50 billion is put aside within the package deal for enterprise help.
Reporter Anumita Kaur covers army, enterprise, authorities and tourism on Guam. Comply with her on Twitter @anumitakaur. Attain her at email@example.com.