GEDA issues interim guidance for small business pandemic assistance grant

511
Guam Economic Development Authority (PNC file photo)

In anticipation of receiving final guidance from the US Treasury, the Guam Economic Development Authority published interim guidance for the Guam Small Business Pandemic Assistance Grant Program 2021 (PAG 2021) to assist Guam’s small businesses in getting their applications ready for submission.

This grant program, overseen by the Office of the Governor and administered by GEDA and the Department of Administration, is aimed at continuing the island’s economic recovery. Funding for the PAG2021 program is from the American Rescue Plan Act passed by U.S. Congress and signed into law by President Joe Biden.

Loading the player...

“Small businesses have historically created the largest number of new jobs in the United States,” GEDA CEO/Administrator Melanie Mendiola said. “Governor Leon Guerrero is among the few Governors in states and territories who offered direct aid to small businesses while others relied solely on federal programs like PPP and EIDL. She recognizes that Guam is exceptionally fragile with few industries and wants to keep doors open and people employed.”

Even pre-pandemic, GEDA was doing work in aquaculture, telecommunications, and healthcare to aim towards diversifying the economy. In January 2021, Governor Lou Leon Guerrero launched her Economic Diversification Working Group with GEDA leading its efforts to attract investment from abroad while concurrently strengthening the organic growth of small local businesses.

GUAM SMALL BUSINESS PANDEMIC ASSISTANCE GRANT PROGRAM 2021

GEDA’s PAG2021 program is open to all small businesses, which can be categorized using the U.S. Small Business Administration’s Small Business Size Standards and matched to the North American Industry Classification System (NAICS). Priority in the first thirty (30) days of the program period will be given to those small businesses reporting $1,500,000 or less in gross receipts in 2020.

Eligible Entities Include:

a) Business with Business Interruption of approximately 15% or greater (i.e. business loss);

b) Business that has eligible gross receipts of ten thousand dollars ($10,000.00) or more based on their annual or annualized BPT (GRT) filings for 2019.

c) U.S. SBA small business size standards matched to the North America Industry Classification Code; and

d) Business is licensed to do business in Guam and files of taxes in Guam.

Ineligible Entities include:

a) Businesses that have eligible gross receipts of LESS than ten thousand dollars ($10,000.00) based on their annual or annualized BPT (GRT) filings for 2019.

b) Businesses that were once open and are no longer in operation;

c) Commercial landlords;

d) Passive Investment Holdings;

e) Non-profit Organizations;

f) Government or Private Hospitals;

g) U.S. SBA small business size standards matched to the North America Industry Classification Code; and

h) Businesses operating in Guam that are part of a national/international corporation that is wholly owned by said corporation.

The Interim Guidance Published by GEDA is subject to change without notice. For the latest updates on the Guam Small Business Pandemic Assistance Grant, visit www.investguam.com/smallbusiness2021.

(GEDA Release)

###