Applicants who are owners of small businesses shall be eligible for a Twelve Thousand Dollar ($12,000) grant from the Guam Economic Development Authority. The grant shall have the following limitations:

(a) the grant shall be used to subsidize general operating expenses and provide working capital to small businesses, including, but not limited to, the payment of rent, employee salaries and benefits, supplies, and utilities;

(b) the grant is non-renewable; and

(c) the grant will be distributed in three (3) equal payments on the 10th of each month over three (3) months.

Upon expiration of the grant, the grant recipients have the option of applying for a loan pursuant to § 50307. No additional documents need to be submitted by grant recipients to receive the Program loans.