HAGÅTÑA (The Guam Daily Post) — Direct financial aid of up to $50,000 each should reach the first batch of pandemic-hit small businesses next week under the Guam Economic Development Authority’s $20 million grant assistance program.
GEDA Administrator Melanie Mendiola told the GEDA board Thursday afternoon that the program has received at least 1,062 applications, and counting.
Of this number, 73 approved applications with $1.24 million in total award money were forwarded to the Department of Administration or DOA for payments next week.
That’s an average of $16,986 each approved applicant, at least for the first batch. The grant is capped at $50,000 each for eligible businesses.
Mendiola anticipates that by Monday, GEDA would be forwarding to DOA an additional 270 approved applications for payments.
“DOA has asked that we transmit once a week, so we sent out our first batch down of 73 recipients, for a total award amount of $1.24 million,” Mendiola told the GEDA board during their meeting.
GEDA launched its $20 million Small Business Pandemic Assistance Grant 2021 program on Sept. 9.
The governor authorized the use of the funding to directly aid local businesses, out of some $553 million received from the federal American Rescue Plan.
Based on estimates, if the majority of the applications so far received were approved, then the $20 million GEDA funding has already been spoken for, long before the application deadline of Dec. 9.
The 2021 GEDA assistance grant for small businesses using ARP funds is similar to the program it administered in 2020, using Coronavirus Aid, Relief and Economic Security Act, or CARES Act, money.
The current applicants represent multiple industries, from restaurants to bars, taxi operators, automotive-related businesses, day care centers, retail stores, accounting firms, law firms, travel agencies, beauty salons and gyms, among others.
The pandemic assistance grant program provides direct financial assistance to Guam small businesses that meet all eligibility criteria and can demonstrate at least 25% business interruption during the Covid-19 pandemic.
The application form can be found on the GEDA website, www.investguam.com/smallbusiness2021
The Pleasure Island section of Tumon remains nearly empty of visitors on Sept. 6, 2021 as Covid-19 pandemic restrictions still keep most of Guam’s main source tourism market from traveling.
