Businesses encouraged to apply for PPP

There's one week left to apply for the Paycheck Protection Program, and $128 billion is still available.


Guam SBA Branch Manager Ken Lujan is encouraging local businesses who haven't signed up yet, to get their applications in...

"There's several mom and pop operators out there that really haven't embraced the fact the opportunities are out there," he said. "Probably they had some cash reserves that are now deplenished to the point that now they're seeking assistance. so here's the opportunity to do so and I highly recommend that they go and go to one of the lending partners that we have and submit their application and get the financing that they need."


Applications must be approved by June 30. The PPP provides loans to businesses impacted by COVID which can be converted to grants if they meet certain employee retention conditions.

Meanwhile, the Economic Injury disaster loan program runs until Dec. 20. It provides low interest, long term loans of up to 30 years.

The latest SBA report shows 2,036 Guam companies received PPP assistance of $194.1 million, and 645 businesses received EIDL program assistance worth more than $40 million.