As of last week, 477 Guam companies have received a total of $ 40.6 million in Paycheck Protection Program loans through the Small Business Administration, according to the latest data from the federal agency.

Nationally, the agency granted 7,065,800 loans, for a total of approximately $ 662 billion.

The Paycheck Protection Program offers low-interest loans to businesses struggling due to the COVID-19 pandemic. One of the objectives of the program was to minimize mass unemployment; part of the loan will be forfeited if it is spent on withholding employees from payroll.

Loans can also be applied against rent, operating expenses, property damage costs, supplier costs, and worker protection expenses.

Following: Paycheque Protection Program Restarts

Following: Small Businesses and Nonprofits Can Apply for the Paycheck Protection Program

Guam businesses that have benefited from the loans so far span a wide range of industries, from restaurant services to wholesale, insurance services and construction, according to data on loan recipients released at the end of last year.

Guam’s major insurers all received the loans, including Calvo’s Insurance, StayWell Insurance, Nanbo Insurance, NetCare Life and Health Insurance, and Moylan’s Insurance.

Retail has also benefited greatly, with Triple J Enterprises Inc. saying its loan has supported 244 car dealership employees. Jae Hoon Corporation, based in Barrigada, said it supports 150 employees and LF Corporation, based in Dededo, said it has retained 110 employees.

The largest area in Guam receiving Paycheck Protection loans was accommodation and services, with many hotels and restaurants on the island receiving the loans.

The loan program was reopened in January after former President Donald Trump signed a COVID-19 relief plan. This cycle of the program allows up to $ 284 billion for job retention and certain other expenses until March 31 and allows some borrowers to apply for a second loan.

Small local businesses and nonprofits with fewer than 20 employees can apply for the Paycheck Protection Program from Feb. 24 to March 10, Gov. Lou Leon Guerrero said late last week.

“Our small businesses have been among the hardest hit by this pandemic, and we welcome any policy or initiative that offers these business owners additional help. My administration will continue to do everything possible to support our entrepreneurs, and I encourage all qualified small business owners and nonprofits to apply, ”she said.

Businesses could see more help as the latest COVID-19 relief package making its way to Congress. A new restaurant revitalization fund administered by the US Small Business Administration could help local restaurants through grants, and a total of 50 billion dollars are planned in the package for business aid.

Journalist Anumita Kaur covers military, business, government and tourism in Guam. Follow her on Twitter @anumitakaur. Reach her at [email protected].

This article originally appeared on Pacific Daily News: Guam Paycheck Protection: 477 Companies Receive $ 40.6 Million in Loans