US Virgin Islands Hotel & Tourism Association
The Research and Technology Park (RTPark) is pleased to announce the availability of a new financial resource for local small businesses.
The National Development Council (NDC), a U.S. Treasury-certified Community Development Financial Institution which operates in the territory through a strategic partnership with the RTPark, is offering an opportunity for USVI businesses that have not yet taken advantage of SBA-guaranteed loans to apply to the Paycheck Protection Program (PPP). These resources will be available to Virgin Islands business owners so that instead of having to rely on a bank or traditional commercial lender, local enterprises could seek SBA-backed financing from NDC. NDC created a new online portal that will allow for local, USVI-based businesses to apply for PPP.
The PPP loans offer an excellent opportunity for all small businesses in the Territory to recoup payroll funds. We applaud those businesses that have kept their staff on payroll during this difficult period.
A new federal appropriation of $310 Billion for PPP has been approved. These funds are for the entire nation and will move very quickly. Once these funds are depleted, it’s uncertain that there will be additional federal support. “The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower.
Please visit the NDC portal at https://ndconline.org/ppp/ to apply for PPP. For more information on NDC, please go to www.ndconline.org. For details on the Paycheck Protection Program, please visit the Small Business Administration at www.sba.gov.
NOTE: All businesses should note that the PPP loan is only forgivable if used to make payroll (that is, to pay existing staff). It is important to remember that the small business borrower must have the documentation showing that they have used the funds specifically for those purposes. If the PPP funds are used for another purpose, the money will be treated as a loan that must be repaid within 24 months. Therefore, the small business borrower must understand these conditions and prepare the documentation to secure loan forgiveness.