Updated: Apr 12
Small business owners operating in Tumon -- and other locations on Guam that are not marked "low-income community" -- are not likely to qualify for the U.S. Small Business Administration's Covid-19 Targeted Economic Injury Disaster Loan.
The new round of EIDL, into law on Dec. 27, 2020 as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits and Venues Act, applies more defined eligibility criteria than the first similar program under CARES Act.
One of the requirements is that the business must be located in a low-income community as defined by the Internal Revenue Code. Based on the mapping tool, a business' eligibility may depend on where its business site falls in the census tract.
Guam is divided into approximately 38 census tracts and only 17 were marked "low-income community."