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SMALL BUSINESS RELIEF GRANT APPROVED IN FINANCE - Legislature of the United States Virgin Islands Close About Us History Functions and Structure FY 2026 Budget Honor Roll Rules of the 36th Legislative Youth Advisory Council Application Careers Archives Legislative Archives Tours × St. Thomas Senators  St. John Senators  St.Croix Senators  Districts All Senators St. Croix St. Thomas - St. John Senator at Large × Committees Committee of the Whole Budget, Appropriation and Finance Culture, Youth, Aging, Sports, and Parks Disaster Recovery, Infrastructure and Planning Economic Development and Agriculture Education and Workforce Development Government Operations, Veteran Affairs and Consumer Protection Health, Hospitals and Human Services Homeland Security, Justice and Public Safety Housing, Transportation and Telecommunications Rules and Judiciary Session Folder × No event found! Calendars Bi-Weekly Senate Calendar Session Agenda × Dialog window Dialog window General Senators Committees Media Calendars Contact News | Press Releases SMALL BUSINESS RELIEF GRANT APPROVED IN FINANCE Published: Sep 25, 2020 Search for: ST. THOMAS— During the afternoon portion of Thursday’s Finance meeting, the Committee took testimony on Bill No. 33-0410 an Act providing for the disbursement of monies to the Virgin Islands Economic Development Agency (EDA) to establish the Small Business Relief Grant Program and the COVID-19 Disaster Loan Program. The proposal is sponsored by Senators: Donna M. Frett-Gregory, Kurt Vialet, and Janelle Sarauw.   In his testimony, Wayne Biggs, Jr., Chief Executive Officer of the Virgin Islands Economic Development Authority (“USVIEDA”), said The USVIEDA is in full support of the Bill. He pointed out that many businesses in the Territory were able to benefit from the federal assistance administered by the U.S. Small Business Administration (SBA) through its Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL).   He informed the Committee that many small mom and pop businesses could not access these programs for various reasons and remain in need of financial assistance to remain viable. Economic Development Bank of the U.S. Virgin Islands (EDB) added Biggs, participated in the PPP, and issued 69 PPP loans throughout the Territory valued at $545,810 to qualified small businesses. A breakdown of loans made by the EDB by island and total value are as follows: St. Croix: 30 loans – $251,846; St. John: 8 loans – $51,240; St. Thomas: 31 loans – $242,724.   According to Biggs, the proposed legislation is timely, and that the grant and low-interest loan programs created by the proposed Bill will have a positive effect on the small business community and the economy of the Virgin Islands as a whole. He recommended several technical amendments that several senators agreed were necessary.   According to the Bill sponsors, Senators Vialet, Frett-Gregory, and Sarauw, the Bill specifically provides for the disbursement of monies to EDA to fund programs to establish the Small Business Relief Grant Program; authorizing the EDA giving grants not to exceed $10,000 to a small business that has been negatively impacted as a result of the shutdown imposed because of the COVID-19 pandemic and the Covid-19 Disaster Loan Program, and authorizing the EDA to give loans not to exceed $50,000 to businesses negatively impacted by the shutdown because of Covid-19.   The Bill also authorizes EDA to promulgate rules and regulations to administer the programs, and most importantly, report to the Legislature on the status of the programs not later than November 15, 2020, with a final report, due no later than 60 days after the December 31, 2020 deadline. COVID-19 CARES ACT funded this program.   Senators at Thursday’s Finance meeting were: Chairman Kurt Vialet, Donna Frett-Gregory, Allison DeGazon, Janelle Sarauw, Marvin Blyden Dwayne DeGraff, Novelle Francis Oakland Benta, Myron Jackson, Alicia Barnes, and Athneil “Bobby” Thomas.   ###   Find More Search for: Categories News Observances Press Releases Special Events Related Content COMMITTEE REVIEWS FY 2027 EXECUTIVE BUDGET REQUESTS FOR GOVERNOR’S OFFICE, LIEUTENANT GOVERNOR’S OFFICE, AND BUREAU OF MOTOR VEHICLES July 23, 2026 ST. CROIX, U.S. VIRGIN ISLANDS – Members of the Committee on Budget, Appropriations, and Finance, chaired by Senator Novelle E. Francis Jr., met in the Frits E. Lawaetz Conference Room to receive testimony on the proposed Fiscal Year 2027 budgets for... Read More COMMITTEE RECEIVES UPDATES FROM WASTE MANAGEMENT CONCERNING SEWAGE HEALTH RISKS, CANCER CARE IN THE TERRITORY                                   July 22, 2026 ST. 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