San Nicolas: PPP helped nearly 32,000 Guamanians stay on the job

Guam Delegate to Congress Michael San Nicolas (file photo)

The Small Business Administration’s Paycheck Protection Program has help 2,164 Guam businesses and kept 31,963 island residents on the job.

Guam Congressman Michael San Nicolas broke down the numbers in a news release this morning citing a report released by the SBA and the U.S. Treasury Department.

The report shows that 297 businesses have received large PPP loans of $150,000 or more resulting in “saving 18,026 jobs.”

The report also shows that another 1,867 smaller businesses received PPP loans of $150,000 or less, “saving an additional 13,937 jobs.”

“We are very glad that our efforts in the Congress has helped,” said San Nicolas.

The Paycheck Protection Program provides a one time loan. Employers can not apply for a second PPP loan.

As a result, San Nicolas is urging local financial institutions to apply for and make available the Federal Reserve’s ‘Main Street Lending Facility’ program.

The MSLP provides additional financing for businesses after their PPP loans run out. The financing is available “over a longer period” said San Nicolas “to carry our private sector through COVID-19.”

READ the release from Congressman San Nicolas in FULL below:

For Immediate Release

Federal Paycheck Protection Program (PPP) saves Guam businesses, jobs

The establishment of the PPP under the CARES Act passed by the Congress has been a private sector lifeline for the Guam economy and Guam jobs.

Recent reports from the SBA and Treasury show that 297 businesses have received large PPP loans of $150,000 or more, and have resulted in saving 18,026 jobs.

“The economic impact of the pandemic does not discriminate between large and small businesses, and we are very glad that our efforts in the Congress has helped 297 large Guam enterprises keep over 18,000 of our people employed even while our economy is at a standstill,” Congressman San Nicolas opened.

In addition to 297 large enterprises, the PPP also helped 1,867 smaller businesses with loans of $150,000 or less, saving an additional 13,937 jobs.

“Altogether, the PPP has saved 2,164 businesses large and small, retained 31,963 jobs, and totaled $197,016,238; the largest private sector lifeline from the federal government in the history of Guam,” Congressman San Nicolas continued.

“As we plan forward I urge all local financial institutions to apply and make available the Federal Reserve (FED) Main Street Lending Facility (MSLP) that we have ensured Guam businesses are eligible for, so that they can attain subsequent financing over a longer period to carry our private sector through COVID-19,” Congressman San Nicolas added.

“We are working tirelessly to do everything we can to ensure that Guam is getting the help we need, and thank the people of Guam for their faith and support,” Congressman San Nicolas concludes.