To be eligible for Program benefits an applicant must meet the eligibility criteria as stipulated below. Program applicants shall:

(a) be bona fide residents of Guam and a United States citizen, or a permanent resident alien;

(b) not have any outstanding taxes due to the Department of Revenue and Taxation and/or any outstanding debts at the Guam Memorial Hospital Authority which are not subject to an approved and current payment plan prior to the commencement of the eligible project as defined in § 50302 (c);

(c) possess a valid business license;

(d) be current with all reporting of taxes to the
Department of Revenue and Taxation; and

(e) not be required to submit two (2) bank denials to qualify for programs stipulated in §§ 50306 and 50307.