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.<\/p>\n
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. <\/p>\n
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.<\/p>\n
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.<\/p>\n
Based on SBA\u2019s 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.<\/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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