259 EIDL worth $16.3M is approved in the NMI

Over 3.4 million economic injury disaster loans have been approved nationwide by the U.S. Small Business Administration, totaling over $184 billion, as of Aug. 14. Of that number, 259 are for the Northern Marianas, with the amount totaling $16,386,600.

In comparison, Guam had 1,286 loans approved totaling $75,469,400; American Samoa had 151 totaling $9,864,100; Puerto Rico had 21,933 totaling $1,159,849,100; and the U.S. Virgin Islands had 1,630 totaling $88,930,500.

Small businesses that have been hit economically due to COVID-19 all over the U.S., as well as in territories such as the CNMI, are provided with the low-interest federal disaster loan that they can use as working capital.

Up to $2 million in economic injury disaster loan may be availed of by small businesses, private non-profit organizations, small agricultural cooperatives, and small aquaculture enterprises to help with their operating expenses.

To apply and avail of this loan, small businesses may download applications at https://disasterloan.sba.gov/ela. The deadline to apply is Dec. 21, 2020.