The United States Small Business Administration (US SBA) received additional funding for the Paycheck Protection Program (PPP) on Monday April 27. On Thursday, April 23, the House of Representatives voted overwhelmingly to pass legislation providing approximately $484 billion in coronavirus relief for small businesses along with hospitals and expanded medical testing.
USVI small-businesses owners who have yet to submit an application with their local SBA lender partner are strongly encouraged to apply as soon as possible because these federal assistance loans are available on a “first-come, first-served” basis.
USVI lender partners are Bank of St. Croix, Merchants Commercial Bank, Oriental Bank, First Bank and Banco Popular de Puerto Rico.
Small-business owners can visit www.sba.gov/coronavirus for the most updated information on the Paycheck Protection Program, Economic Injury Disaster Loan (EIDL) and other SBA programs.
For technical assistance, contact the Virgin Islands Small Business Development Center (VI SBDC) at 693-1694 or by email at info@visbdc.org. The Virgin Islands Economic Development Authority office can also be contacted at 714-1700 or via email at info@usvieda.org.
