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CEDA urged to create program to help businesses using ARPA funds
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Posted on Dec 29 2021
Sen. Edith E. DeLeon Guerrero (D-Saipan) pre-filed yesterday a resolution requesting the Commonwealth Economic Development Authority to work with the Office of the Governor in creating a program using American Rescue Plan Act funds to provide financial assistance to businesses in the CNMI.
DeLeon Guerrero stated in her Senate Resolution 22-13 that Section 602 of ARPA allocated $40 million and $60 million in fiscal years 2021 and 2022 respectively, for households, small businesses, nonprofits, and tourism, travel and hospitality.
She said the businesses in the CNMI need assistance to support their survival and their ability to generate growth by reopening their doors and providing employment opportunities.
The CNMI has been in state of public health emergency in response to the COVID-19 pandemic since March 2020.
DeLeon Guerrero said certain industries , mostly those that are directly or indirectly linked to the CNMI’s tourism industry, suffered even greater levels of business interruptions. She said a much greater portion of the unemployed individuals are those who were working for businesses that are directly or indirectly connected to the tourism industry.
The senator said CEDA must explore a financial assistance program focused on those businesses that have experienced extreme levels of pandemic-related business interruptions.
She noted that Guam, through an executive order, established the Local Employers’ Assistance Program to provide direct financial assistance to local small businesses.
