By Pacific Island Times News Staff
A total of $5 million is available for the second round of the Local Employers’ Assistance Program aimed at assisting small businesses on Guam that are still struggling to recover from the impacts of Covid-19 pandemic and Typhon Mawar.
The new funding program, also called LEAP II, was established through an executive order issued by Gov, Lou Leon Guerrero on Friday.
LEAP 2 supplements the $15 million made available through Public Law 37-15 signed into law in May. The program is funded through the remaining grants Guam has received from the federal government under the American Rescue Plan Act, which seeks "to mitigate financial hardship, such as declines in revenues or impacts of periods of business closure, resulting from the impact of the Covid-19 pandemic."
“The Covid-19 pandemic, followed by the devastation of Typhoon Mawar, undoubtedly took a toll on our island and our people," Gov. Lou Leon Guerrero said.
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"Recognizing that the tourism industry and related businesses continue efforts in the extended recovery process, our administration is directing these dollars–as promised in my State of the Island Address earlier this year–towards ensuring their resilience,” Leon Guerrero said.
“We continue to stand in support of our local businesses and hope that this additional financial aid will help shoulder the burden and help carry our economy and our community forward," she added.
Lt. Gov. Joshua Tenorio said since the onset of the pandemic, the government has provided more $144 million in financial support to local businesses to help them meet payroll, pay rent and utilities.
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ARP-funded programs include the Guam Small Business Pandemic Assistance Grant Program, Healthcare System Stabilization Grant Program, Guam Small Business Rent Assistance Grant Program, Guam Small Business Pandemic Assistance Grant Program 2021 and LEAP.
The governor's executive order also earmarked $350,000 for the Guam Economic Development Authority to cover the administrative costs related to the implementation and processing of the LEAP II.
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