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.<\/p>\n
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. <\/p>\n
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. <\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/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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