In an effort to assist small businesses with existing disaster loans during the coronavirus, COVID-19, pandemic, the U.S. Small Business Administration has informed Gov. Ralph DLG Torres that all SBA disaster loan payments will automatically be deferred through Dec. 31, 2020.
In a statement released by U.S. Small Business Administration administrator Jovita Carranza, she stated, “The SBA is looking at every option and taking every action to cut red tape and make it easier for small businesses to stay in business. Automatically deferring existing SBA disaster loans through the end of the year will help borrowers during this unprecedented time.”
This is one of the many actions that SBA is taking to assist small businesses across the CNMI. In addition to this deferment, SBA has made it easier to apply for new economic injury disaster loans and to allow for one-year deferments on those loans.
In response to the notice from SBA, Torres said, “We would like to thank President Donald J. Trump and…Carranza for continuing to find ways to assist and support all small business across the nation, most especially here in the CNMI. This is a critical time for small businesses in the Commonwealth, some of who are still recovering from the economic impacts of Super Typhoon Yutu. This deferment will help alleviate some of their economic losses and help keep them afloat through this pandemic.”
Torres is working with SBA in seeking further assessments on the economic impacts on small businesses to determine possible grant-in-aid opportunities to provide further relief from the economic injuries of this pandemic. (PR)