The Guam Economic Development Authority has launched the Guam Small Business Pandemic Assistance Grant to aid small businesses affected by the COVID-19 pandemic.
Governor Lou Leon Guerrero, in her online news conference on May 19, Tuesday afternoon, directed GEDA to administer the grant program utilizing $20 million set aside under the CARES Act. Checks will be cut by the Department of Administration to grantees.
According to information from GEDA, grants vary in size but are based on a percentage of gross receipts. Awards will likely range from $1,000 to $30,000.
To qualify, businesses must have suffered at least a 25 percent reduction in average monthly receipts during the state of the public health emergency.
“Using CARES ACT funds, I directed my fiscal discipline team to use $40 million to create a local economic relief program. $20 million for individual disaster cash relief assistance, and $20 million for small businesses. The Guam Economic Development Authority was tasked to provide grants to small businesses affected by COVID-19,” the governor said.
She added: “This grant program will assist qualified small businesses that make $1.5 million or less in annual gross receipts. The program uses a tiered calculation to consider the size of the business. The grant has a cap of $30,000.”
“According to the US SBA Office of Advocacy, there are around 3,466 small businesses in existence on Guam. We hope that through this grant, as well as other programs and loans, we can help small businesses weather the storm,” said Melanie Mendiola, GEDA CEO/Administrator.
For a list of eligibility requirements, check out the GEDA website www.investguam.com/smallbusiness. Or contact the Guam Economic Development Authority Grant Help Desk at 671-647- 4338 or email email@example.com.
Applications are being accepted via email until the $20 million in funding set aside under the CARES Act is exhausted or until December 30, 2020, whichever comes first.