Guam Small Businesses Now Eligible for US SBA Economic Injury Disaster Loans
As of March 22, 2020, Guam has been added to the list of states and territories in which small business owners are eligible to apply for low-interest federal disaster loans to cover substantial economic injury as a result of COVID-19. Generally, these loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of COVID-19’s impact.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The interest rate is 3.75% for small businesses. The interest rate for private nonprofit organizations is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years.
Applicants may apply online, receive additional disaster assistance information and download applications here. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information. Individuals who are deaf or hard of hearing may call (800) 877-8339.
Additional information regarding SBA COVID-19 Disaster Loans can be found here.