By Eric Rosario
(Tumon, Guam) As the nation waits for the passage of the Pelosi-Trump $50 billion Coronavirus economic stimulus package, loans via the U.S. Small Business Administration are available to Guam businesses in times like these.
The catch? The governor has to declare a state of economic injury disaster.
Speaker Tina Muna Barnes, in a letter to Gov. Lou Leon Guerrero, is asking the governor to declare this disaster so that Guam businesses that qualify can avail of up to $2 million in SBA loans to deal with the economic exigency created by the COVID-19 onslaught.
"The SBA had instructed local officials to reach out to our Governors to request an Economic Injury Disaster Declaration, and the only requirement is that the Governor certify that at least 5 small businesses have been impacted by COVID-19 in their jurisdiction," Ms. Muna-Barnes wrote to the governor. "By receiving an Economic Injury Declaration, this would allow our small businesses to receive loans of up to $5 million with a 30-year term, at a low interest rate."
Read the full letter below: