More federal funds may mean more local business help
The Guam Economic Development Authority may top off its rental relief grant program with another $1.8 million and establish more business grants, pending federal funding.
A COVID-19 relief package that secures $661 million for the government of Guam remains in the U.S. House of Representatives.
If it comes in, the governor has indicated she ll be looking at additional business grants for us to establish, said David John, GEDA chairman of the board.
Using last year s CARES Act funds, the agency distributed about $20 million in business grants through two programs.
About $17 million in small businesses pandemic grants went to 2,351 businesses on Guam as of January. The program was launched in May 2020 and is closed.
The Guam Economic Development Authority announced it will make available a total of $300,000 in grants, paid for by two companies that receive tax breaks from the government of Guam.
The grant money must be spent to help train residents to find jobs or better jobs, or develop new businesses on island.
The money comes from the annual “community contributions” paid by Guam Regional Medical City and the Tsubaki Hotel, which have GEDA-issued qualifying certificates that give them 20 years of tax breaks, including on their corporate income taxes. The annual community contributions are one of the requirements of their qualifying certificate agreements.