23rd Annual Amateur Golf Tournament scheduled for June 11th has been postponed
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With all the uncertainty around the current COVID-19 pandemic, we have decided to postpone our annual Golf Tournament. As much as we were looking forward to a great day of golf with you, our Committee Chair in conjunction with our Chairwoman has decided that we will wait until the golf courses are running at full capacity and until we have a better handle on social distancing guidelines set forth by our government.
Our new target date in OCTOBER
. We look forward to providing you with more details as our economy gets back up and running in the days and weeks ahead. Thank you for your understanding.
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RELEASE from Congressman Michael San Nicolas:
Congress updates PPP to provide greater flexibility and improved timelines for businesses
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With the passage of HR 7010 the PPP Flexibility Act in the Senate, the PPP SBA loan program is set to implement enhancements, many of which are retroactive to the CARES Act.
"The Chair of the SBA Committee and fellow member of the Financial Services Committee of which Guam is a member, Nydia Velasquez, continues to provide leadership in getting small businesses the support they need during these COVID-19 times," opened Congressman San Nicolas. "We are especially honored to work closely with her to ensure that Territories in general and Guam in particular continues to be fully included in all relief language," Congressman San Nicolas continued. "With over 70% of our small businesses on Guam receiving this support totalling over $300 million dollars, with funding still available to applicants, and with these enhancements in HR 7010, the Guam small business environment is as well situated as any of the 50 States," Congressman San Nicolas concludes.
H.R.7010 PPP Flexibility Act Changes / Upgrades made:
- Extends the minimum maturity of PPP loans to five years. This would take effect on the date of the bill’s enactment and apply to any PPP loan made on or after such a date; however, lenders and borrowers would not be prohibited from mutually agreeing to modify the maturity terms of prior-disbursed PPP loans.
- Extends the covered period for using PPP loan proceeds from June 30, 2020, to December 31, 2020.
- Extends the covered period for PPP loan forgiveness from eight weeks from the date of origination to the earlier of 24 weeks from the origination date or December 31, 2020. A borrower who received a loan before the bill’s enactment could elect to continue using the 8-week covered period set forth in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
- Extends the deadline for the re-hire exception to forgiveness reduction in the loan forgiveness provisions from June 30, 2020, to December 31, 2020.
- Provides that the amount of loan forgiveness will not be reduced by a reduction in the number of full-time equivalent employees, if, with respect to the period February 15, 2020, to December 31, 2020, the borrower is able to document in good faith (A) an inability to rehire employees who had been employed on February 15, 2020, and an inability to hire similarly qualified employees for unfilled positions by December 31, 2020, or (B) an inability to return to the same level of business activity at which the borrower was operating before February 15, 2020, due to compliance with federal governmental requirements or guidance set forth between March 1, 2020, and December 31, 2020, relating to standards of sanitation, social distancing, or other worker or customer safety requirements due to COVID-19.
- Providing that at least 60 percent of PPP loan proceeds should be used for payroll costs to receive loan forgiveness (overturning the 75 percent standard set forth by the Small Business Administration (SBA) and U.S. Treasury Department).
- Eliminating the six-month deferral of payments due under PPP loans and replacing it with deferral until the date on which the amount of forgiveness determined under the CARES Act is remitted to the lender. If a borrower fails to apply for forgiveness within 10 months after the last day of the PPP loan forgiveness covered period (i.e., the earlier of 24 weeks from origination or December 31, 2020), the borrower must then begin to make payments of principal, interest, and fees on its PPP loan.
- Allowing all employers to take advantage of the CARES Act deferral of the 6.2 percent employer portion of social security payroll taxes, regardless of whether they have had a PPP loan forgiven.
***Except as stated in item #1 above, all the changes would be effective retroactively, as if included in the CARES Act originally.
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Are You a Registered Voter?
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According to the Guam Election Commission's website, 52,946 residents on Guam are registered to
vote as of May 29th this year. If you are i
nterested in voting in this year's elections you can now register to vote on-line at the
Guam Election Commission's website
.
If you would like to register on line, you must have a valid Guam identification card or driver's license. Your digital signature will also be required.
Click here to register on line
This year's election dates follow:
Saturday, August 29, 2020: Primary Election
Polls open from 7:00 am - 8:00 pm
Tuesday, November 3, 2020: General Election
Polls open from 7:00 am - 8:00 pm
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Na'La'Bonita Guam is back!
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For many years, the Guam Chamber of Commerce recognized individuals, organizations and companies that made a difference in the beautification of our island.
The Governor has recently announced that the island may welcome visitors July 1
st
if our case tracking continues to be low. We look forward to the confirmation of the date and would like to rally our community to get ready to accept our visitors back! In conjunction with various island organizations and our government, the Guam Chamber is calling on our residents and members to make Guam more beautiful by sprucing up your homes, your neighborhood, your village, your business, and other areas throughout our island. We would like to continue the Chamber’s tradition of recognizing businesses who have accepted the challenge. To recognize a business, an individual or organization that has made significant improvements to a building, an area, site or has created a meaningful and effective beautification effort, please submit a nomination form to the Guam Chamber of Commerce.
Some questions and thoughts to consider in writing up the nomination could include:
- Information about what improvements were made
- What unique ideas or innovations were implemented?
- Were there environmental issues at the site and how were the concerns addressed?
- Who made the improvements?
- Did the improvements involve the use of local plants, trees and flowers?
- How did the project help to beautify our village/ our island?
The benefits of a beautiful area makes a big difference for all our residents and visitors alike. Help us to recognize those that make a positive difference in our community by keeping our island clean and beautiful. Na
'
La
Bonita
Guam!
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2020 Virtual Conference on Island Sustainability
Week 6 & Week 5 Highlights
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For this week features distinguished women business leaders from across the globe in its session this Friday. The session will focus on the role of business in achieving green economic growth and sustainable development. The sixth weekly installment of the conference is titled “Women Business Leaders: Sustainability Solutionaries” and is scheduled for 9 a.m. (ChST UTC+10) on June 5. Registration is of no charge at
www.uog.edu/cis2020
.
Curating and moderating this week’s conference session will be Amanda Ellis, the director of global partnerships for the Global Futures Laboratory and the executive director for Hawaii and Asia Pacific for the Julie Ann Wrigley Global Institute of Sustainability at Arizona State University. Ellis is a former New Zealand ambassador to the United Nations and was a keynote speaker at the 2019 UOG Conference on Island Sustainability. She is the co-chair of the WE Empower UN SDG Challenge, a global business competition for women entrepreneurs and social entrepreneurs who are advancing the UN’s SDGs and inspiring entire communities to create the world they want to see by 2030.
Panel 1 will feature “The Aggregators,” including:
- Aimeé Christensen, founder and chair of Sun Valley Institute and CEO of Christensen Global Strategies (Idaho)
- Meagan Fallone, director and CEO of Barefoot College International (India)
- Meli James, co-founder, Mana Up (Hawaii)
- Maria Eugenia Leon Guerrero, executive vice president and chief operations officer for the Bank of Guam
Panel 2 will feature “The Entrepreneurs,” including:
- Brynn Foster, founder and director of Voyaging Foods (Hawaii)
- Adimaimalaga Tafunai, co-founder and executive director of Women in Business Development Inc. (Samoa)
- Brianne West, founder and CEO of Ethique (New Zealand)
The virtual conference series will conclude on Friday, June 12.
In its first five sessions, the conference has had a total of 1,560 participants on Zoom from 75 different countries, states, and territories, along with more than 10,000 views on social media platforms. Register for this week’s session and check out highlights, conference videos, and more at
www.uog.edu/cis2020
.
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The Guam Procurement Technical Assistance Center (PTAC) is offering
free
live webinars e
very Tuesday & Thursday in June!
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Webinars run from 10am-11am and will be conducted via Zoom. Links to the live webinar and the webinar evaluation will be emailed to all registered attendees 15 minutes before the start of the webinar.
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We would like to congratulate Fred Granillo on his appointment as the director of the Pacific Islands Small Business Development Center Network. We're proud to partner with the SBDC in support of our small businesses!
Don't miss out on great training opportunities from the Guam Small Business Development Center as well! View their upcoming virtual webinar schedule and learn how the SBDC can our local small businesses!
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Your Chamber team has been keeping up with the latest
COVID-19 information
. You may view the e-newsletters that went out. We hosted webinars during the shutdown and they may also be viewed on our
Guam Chamber YouTube
page.
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Guam Chamber of Commerce
372 West Soledad Avenue, Hagåtña • 472-6311/8001
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