U.S. Small Business Administration approves nearly $65 million in federal assistance for USVI small businesses in response to the coronavirus pandemic

CHARLOTTE AMALIE, U. S. Virgin Islands – April 21, 2020 — The Virgin Islands Economic Development Authority (VIEDA) and the Virgin Islands Small Business Development Center (VI SBDC) have confirmation from the United States Small Business Administration (SBA) that as of April 16, 2020, there are 240 approved Paycheck Protection Program (PPP) loan applications for the U.S. Virgin Islands totaling more than $62 million ($62,242,612). In addition, there has been 272 Economic Injury Disaster Loan (EIDL) Advance approvals totaling $1.3 million ($1,308,000) as of April 19, 2020.

As U.S. Congress finalizes legislation for additional appropriations funding for the Economic Injury Disaster Loan and the Paycheck Protection Program, representatives from the U.S. SBA, VI SBDC and the VIEDA are urging small-business owners to get ready to quickly apply for federal financial assistance offered by these programs.

Small businesses can contact local SBA Lender Partner in the Territory to apply for the Paycheck Protection Program (Bank of St. Croix, Merchants Commercial Bank, Oriental Bank, First Bank, Banco Popular).

Small-business owners can visit www.sba.gov/coronavirus for the most updated information on the Economic Injury Disaster Loan and other SBA Programs.

For technical assistance, call or email the VI SBDC at 340-693-1694 ext. 5104/ info@visbdc.org or the VIEDA at 340-714-1700/ info@usvieda.org.