Guam businesses receive federal aid
As coronavirus cases continue to surge across the US, there is some positive news amongst us. In particular Guam has seen small businesses receive federal aid in response to the COVID-19 pandemic. 296 small businesses have received funds from the federal government ranging from $150,000 to $2 million.
These funds were given through the CARES Act, which is a program that provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. While these funds can help the employees of companies, they also can be used to pay interest on mortgages, rent and utilities during the economic struggle due to the COVID-19 pandemic.
The Paycheck Protection Program, also known as PPP, provides loans that are forgivable. Therefore, businesses do not have to pay back if most of the money is utilized for payroll during a specified time.
About half of the businesses from Guam have received funds of $350,000 up to $2 million, while the other half of businesses received less than $350,000. Some Guam businesses received less than $150,000 in PPP loans and are listed on a separate small business list and are not identified. In some cases, these small businesses who received less than $150,000 in PPP loans actually received as little as $218 to $300 each.
As coronavirus cases continue to rise there is increased speculation of another lockdown occurring in order to limit the spread of the coronavirus. If another lockdown were to be the case, there is a strong likelihood of further aid and assistance to come from the Federal Government. This aid could take on a similar role as the CARES act, but whatever the case may be, the actions taken will be sure to provide funds efficiently and to a full extent.
