- By Pacific island Times News Staff
SBA's Covid-19 loan application process to resume Monday
The U.S. Small Business Administration will resume accepting loan applications for Payroll Protection Program on April 27, prompted by President Trump's signing of a supplemental Covid-19 relief package, which includes $320 billion in additional loan funds for small businesses.
“We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for American workers and small businesses affected by the coronavirus pandemic," reads a joint statement from SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin.
Initial funds for the program had been used up, forcing SBA to suspend the loan approval process.
In the first round of the Paycheck Protection Program 508 organizations on Guam were able to borrow $102.4 million,. In the CNMI, 56 applicants were awarded loans worth $12.6 million.
Several business owners were turned away because funds were exhausted.
“The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30 a.m. EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation," Carranza and Mnuchin said.
Three lenders in Guam and the CNMI are participating in the program—Bank of Hawai’i, Bank of Guam, and First Hawaiian Bank.
“The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans. With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief," Carranza and Mnuchin said.
They encouraged all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously. They aso advised all eligible borrowers to work with an approved lender to apply.
"Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan," they said. “The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans. With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief."
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