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231 EIDL worth $14.8M OK’d in the CNMI
The U.S. Small Business Administration has approved over 2.6 million economic injury disaster loans nationwide, totaling over $150 billion. In the Northern Marianas, 231 loans have been approved as of July 15, with the amount totaling $14,818,300.
SBA also had 5,781,390 advances disbursed, in the amount of $20 billion, 274 of which were approved for the CNMI, at $1,337,000.
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.
Also, SBA, through its Paycheck Protection Program which helps small businesses affected by the pandemic keep their employees on payroll through funding, has approved 4.9 million loans worth $518.3 billion nationwide so far. 476 of this is for the CNMI, totaling $38,701,183.
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.
