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.<\/p>\n
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.<\/p>\n
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. <\/p>\n
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.<\/p>\n
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.<\/p>\n
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. <\/p>\n","protected":false},"excerpt":{"rendered":"
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