The Leon Guerrero administration’s $40-million economic relief plan will not do much to alleviate the local business community’s ordeal triggered by the COVID-19 outbreak, the Guam Chamber of Commerce said Tuesday.
“We are concerned that the TEAM Guam Plan as presented does not truly offer relief to businesses,” the Chamber said in a statement following Gov. Lourdes Leon Guerrero’s announcement on Monday of her administration’s economic response to the coronavirus outbreak, which has caused the government of Guam's revenue stream to shrink by $31 million.
“We would like to see a true and robust relief plan from our government - a sound plan that would help small businesses, provide opportunities to protect employees, and one that one that would provide a balance,” the Chamber said.
The administration's five-point relief package, billed Temporary Economic Assistance and Mitigation (TEAM) Guam Plan, consists of deferment of a fraction of business privilege tax payment, waiver of credit card fees for government customers, small business loan offer, airline rebate and payment plan options for utilities.
“The plan defers payment of taxes, if businesses so desire, and with declining incomes, the burden becomes steeper,” the Chamber said.
Under TEAM Guam Pl