'Smallest businesses' to get priority in first round of stimulus grants


The "smallest of small businesses" on Guam that have not received any Covid-19 loan from the U.S. Small Business Administration will get the first opportunity to avail of the $20-million economic stimulus grant program launched Tuesday by the Guam Economic Development Authority, according to administrator Melanie Mendiola.

GEDA Administrator Melanie Mendiola said the size of the business is "reflected by gross receipts of under $500,000 annually pre-interruption."

DEFINITIONS SMALL BUSINESS Guam businesses that have gross receipts from April 2019 through March 2020 of up to $1,500,000.

BUSINESS INTERRUPTION

A. For businesses in operation on or before March 2019 (April 2019 GRT filing): if the May 2020 gross receipts reflect a 25% reduction as compared to the average monthly gross receipts between April 2019 and March 2020.

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