The U.S. Small Business Administration has approved over 2.2 million economic injury disaster loans nationwide, totaling $134 billion. In the Northern Marianas, 217 loans have been approved as of July 3, with the amount totaling $14,077,600.
Small businesses in the CNMI that have been hit economically due to COVID-19 are provided with the low-interest federal disaster loan through SBA, which they can use as working capital. Up to $2 million in economic injury disaster loan may be availed of by qualified small businesses, private non-profit organizations, small agricultural cooperatives, and small aquaculture enterprises impacted by the pandemic since Jan. 31, 2020, to help with their operating expenses.
Small businesses may apply online, or download applications at https://disasterloan.sba.gov/ela to avail of this economic injury disaster loan. The deadline to apply is Dec. 21, 2020.