The U.S. Small Business Administration has approved over 3.3 million economic injury disaster loans nationwide, totaling over $178 billion. In the Northern Marianas, 258 loans have been approved as of Aug. 7, with the amount totaling $16,236,600.
In comparison, Guam had 1,269 loans approved totaling $74,139,100; American Samoa had 149 totaling $9,629,400; Puerto Rico had 21,064 totaling $1,119,145,400; and the U.S. Virgin Islands had 1,573 totaling $886,580,300.
Small businesses all over the U.S., as well as in territories such as the CNMI, that have been hit economically due to COVID-19 are provided with the low-interest federal disaster loan through SBA, to use as working capital.
Up to $2 million in economic injury disaster loans 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 keep their employees on the payroll, has approved, as of Aug. 8, 2020, over 5.2 million loans worth $525 billion nationwide so far. Of that number, 482 is for the CNMI, totaling $38,700,116.
Based on this SBA data, the overall average loan size is $101,000. Over $133 billion is still available under the Paycheck Protection Program. Other than payroll, this program helps small businesses affected by the COVID-19 pandemic with funding that may also be used to 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.