Securing Options for EIDL Temporary Relief
Since taking office, I have consistently urged the Small Business Administration (SBA) to provide relief for lenders in the Marianas, given the challenges facing our local economy. This week, in a letter received Monday, SBA Administrator Loeffler confirmed that businesses with COVID–Economic Injury Disaster Loans (COVID-EIDL) of $200,000 or less, and in good standing, are eligible to temporarily reduce their payments by 50%. In addition, the SBA has committed to expanding its lending programs and services to better support businesses in the CNMI. If you have a COVID-EIDL loan and have not yet taken advantage of this relief, I encourage you to contact the SBA for more information. My office will continue to monitor this issue closely and push for further action to address the unique challenges facing our local businesses.