UPDATE: APRIL 1, 2020
Greetings!

Good news for companies that have been patiently waiting for SBA's website to stabilize. It is now up and running and information about the Paycheck Protection Act is also available.

The US Department of Treasury together with the IRS has launched the Employee Retention Credit , designed to encourage businesses to keep employees on their payroll. According to the Treasury's website, the refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Read more here.

If you missed something or wanted to refer back to our previous email notices, feel free to review our website for past notices her e.

As we work toward the road back to normal, lets continue to do our part to keep the virus at bay. Keep well and be safe. Have a good evening!

Onward Together,

Catherine Castro
President
Guam Chamber of Commerce

CORONAVIRUS:
UPDATES & INFORMATION FOR YOUR BUSINESS
FEDERAL GOVERNMENT INFORMATION
The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit , designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.


Payroll Protection Program PPP
Starting April 3, 2020, small businesses and sole proprietorshipscan apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.


Economic Injury Loan
This program provides small businesses with working capital loans of up to $2 million.


Express Bridge Loan Pilot Program
This program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork.



The Wage and Hour Division provides information on common issues employers and employees face when responding to COVID-19, and its effects on wages and hours worked under the Fair Labor Standards Act (FLSA), job-protected leave under the Family and Medical Leave Act (FMLA), and paid sick leave and expanded family and medical leave under the Families First Coronavirus Response Act (FFCRA).
U.S. CHAMBER RESOURCES
GUAM CHAMBER OF COMMERCE
671.472-6311 | info@GuamChamber.com.gu