GEDA’s COVID-19 Economic Recovery Initiatives – DOWNLOAD IT HERE

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The Guam Economic Development Authority has compiled the following list of the resources and initiatives now available, or soon to be available, to help both individuals and businesses recover from the economic damage cause by the ongoing coronavirus pandemic.

For further details, please contact Artemio “Ricky” Hernandez, Ph.D., Deputy Administrator, Guam Economic Development Authority at (671) 647-4332 or a.hernandez@investguam.com, or visit www.investguam.com/coronavirus

 

Federal and Local Economic Recovery Initiatives

>Business Operations Assistance

  • Deferral of 40% of BPT payments Due in April, May, and June 2020
  • Extension of Deadline for Filing and Payment of Business Income Taxes from April 15, 2020 to July 15, 2020
  • U.S. SBA Economic Injury Disaster Loans
  • GEDA Guam Development Fund Act and State Small Business Credit Initiative Guaranteed Loans with Participating Lenders with Deferred Initial Payments for 90 days
  • Families First Coronavirus Response Act                                                                            – Emergency Family and Medical Leave Expansion Act
    – Emergency Paid Sick Leave Act
  • Government of Guam Covers All Credit Card Fees for tax and non-tax payments until June 30

>Individual/Worker Assistance

  • Relief for Homeowners -Moratorium/Suspension on Foreclosures and Evictions:

-U.S. Federal Housing Financial Agency Enterprise-Backed Single-Family Mortgages
-USDA Rural Development Single-Family Housing Guaranteed Loans
-U.S. HUD –Federal Housing Administration-Insured Mortgages

  • U.S. DOE Student Loan Administrative Forbearance and Interest Waiver
  • Families First Coronavirus Response Act

-Emergency Family and Medical Leave Expansion Act
-Emergency Paid Sick Leave Act

  • Extension of Deadline for Filing and Payment of Individual Income Taxes from April 15, 2020 to July 15, 2020
  • Government of Guam Covers All Credit Card Fees for tax and non-tax payments until June 30
  • National Health Emergency Dislocated Worker Grants (DWG) (in-process)
  • Disaster Unemployment Assistance (DUA) Program (in-process)

>Business Economic Recovery Initiatives

1.What: Defer the Payment of 40% Business Privilege Taxes

  • 40% of BPT due April 20th now due on July 20th
  • 40% of BPT due May 20th now due on August 20th
  • 40% of BPT due June 20th now due on September 20th
  • Interest and penalties are waived
  • Who: All Guam Businesses
  • Where: Department of Revenue and Taxation
  • When: Beginning with the April 20thBPT Payment
  • Why: Cash flow Relief for Businesses
  • How: Guidance can be found on the Department of Revenue and Taxation website at https://www.guamtax.com/notices/notices.html#COVID19

2. What: Income Tax Deadline Moved from April 15th to July 15th
– Automatic extension
– Interest and penalties are waived through July 15th
• Who: All Guam Individual and Corporate Tax Filers
• Where: Department of Revenue and Taxation
• When: Effective Immediately
• Why: Cash flow Relief for Businesses
• How: Guidance can be found at the Department of Revenue and Taxation and at www.guamtax.com

3. What: U.S. Small Business Administration Economic Injury Disaster Loan Program
-Loans up to $2 million to pay payroll, accounts payable, and other bills that can’t be           paid because of the COVID-19 impact. Amount to be determined by the U.S. SBA.
-Interest 3.75% for small businesses and 2.75% for private non-profit  organizations
-Term is a maximum 30 years to be decided by the U.S. SBA
Who: Small Businesses, Private Non-Profit Organizations of Any Size, Small Agricultural Cooperatives and Small Aquaculture Enterprises that have been financially impacted by the COVID-19
Where: U.S. Small Business Administration
When: As of March 22, 2020; Deadline to apply is December 21, 2020
Why: At the Request of Governor Leon Guerrero, Declaration # 16388 Approved by the U.S. SBA. Cash flow relief for Businesses
How: Guidance can be found at the U.S. SBA website at https://disasterloan.sba.gov/ela, or SBA’s Customer Service Center at (800) 659-2955, or email at disastercustomerservice@sba.gov