In anticipation of receiving final guidance from the U.S. Treasury, the Guam Economic Development Authority published interim guidance for the Guam Small Business Pandemic Assistance Grant Program 2021 to assist Guam’s small businesses in getting their applications ready for submission, GEDA stated in a media release.
This grant program, overseen by the Office of the Governor and administered by GEDA and the Department of Administration, is aimed at continuing the island’s economic recovery. Funding for the PAG2021 program is from the American Rescue Plan Act passed by U.S. Congress and signed into law by President Joe Biden, according to the release.
“Small businesses have historically created the largest number of new jobs in the United States,” Melanie Mendiola, CEO/Administrator of GEDA, stated in the release. “Gov. (Lou) Leon Guerrero is among the few governors in states and territories who offered direct aid to small businesses while others relied solely on federal programs like (the Paycheck Protection Program) and (the COVID-19 Economic Injury Disaster Loan program). She recognizes that Guam is exceptionally fragile with few industries and wants to keep doors open and people employed.”
Even pre-pandemic, GEDA was doing work in aquaculture, telecommunications, and health care to aim toward diversifying the economy. In January 2021, Leon Guerrero launched her Economic Diversification Working Group with GEDA leading its efforts to attract investment from abroad while concurrently strengthening the organic growth of small local businesses, according to the release.
The Guam Small Business Pandemic Assistance Grant Program 2021
GEDA’s PAG2021 program is open to all small businesses, which can be categorized using the U.S. Small Business Administration’s Small Business Size Standards and matched to the North American Industry Classification System, or NAICS. Priority in the first 30 days of the program period will be given to those small businesses reporting $1.5 million or less in gross receipts in 2020.
Eligible entities include:
• Businesses with business interruption of approximately 15% or greater, i.e. business loss.
• Businesses that have eligible gross receipts of $10,000 or more based on their annual or annualized business privilege tax filings for 2019.
• U.S. SBA small business size standards matched to the North America Industry Classification Code.
• Businesses licensed to do business in Guam and file taxes in Guam.
Ineligible entities include:
• Businesses that have eligible gross receipts of less than $10,000 based on their annual or annualized BPT filings for 2019.
• Businesses that were open and are no longer in operation.
• Commercial landlords.
• Passive investment holdings.
• Nonprofit organizations.
• Government or private hospitals.
• Businesses operating in Guam that are part of a national/international corporation that is wholly owned by said corporation.
The Interim Guidance Published by GEDA is subject to change without notice. For the latest updates on the Guam Small Business Pandemic Assistance Grant, please visit www.investguam.com/smallbusiness2021.