SBA also approved 476 PPP loans worth $38M
The U.S. Small Business Administration has approved over 2.69 million economic injury disaster loans nationwide, totaling over $160 billion. In the Northern Marianas, 248 loans have been approved as of July 27, with the amount totaling $15,646,100.
In comparison, Guam had 1,224 loans approved totaling $72,315,000; American Samoa had 132 totaling $8,622,000; Puerto Rico had 18,816 totaling $1,013,289,800; and the U.S. Virgin Islands had 1,448 totaling $81,837,400.
Small businesses all over the U.S., as well as in territories such as the CNMI, are provided the low-interest federal disaster loan through SBA, to 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 COVID-19 pandemic to help with operating expenses.
Also, SBA, through its Paycheck Protection Program which helps small businesses keep their employees on the payroll, has approved over five million loans worth $519.5 billion nationwide so far. A total of 476 of this is for the CNMI, totaling $38,644,140.
Based on SBA’s data, the overall average loan size is $104,000. Over $130 billion is still available under the Paycheck Protection Program. Other than payroll, this program helps small businesses pay rent, mortgage interest, or utilities.
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.