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Paycheck Protection on Guam: 477 businesses receive $40.6M in loans
Nationally, the agency has awarded 7,065,800 loans, totaling about $662 billion.
The Paycheck Protection Program offers low-interest loans to businesses struggling due to the COVID-19 pandemic. An aim of the program was to minimize mass unemployment; a portion of the loan will be forgiven if its spent toward retaining employees on payroll.
Loans may also be applied toward rent, operations expenditures, property damage costs, supplier costs and worker protection expenditures.
Guam businesses that availed of the loans thus far stretch across a range of industries, from food services, wholesale trade, insurance services to construction, according to loan recipient data released at the end of last year.