Amata updates SBA assistance — Raising to over $12.2 M for local economy
Washington, D.C. — Congresswoman Aumua Amata provided a weekly update of the Small Business Administration (SBA) assistance programs for American Samoa, and said the combined total is now $12.2 million. That total is now 226 loans in two programs along with 132 emergency advances for a new sum of $12,259,865 in assistance. This includes both the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL) program, to which SBA helpfully broadened access this week. This month, Congresswoman Amata took part in a bipartisan request to SBA to open EIDL to more small businesses and nonprofits.
EIDL Advances: American Samoa’s small businesses and nonprofits have accessed 132 EIDL emergency advances, an increase of 40 approvals just this week, for $712,000 – over last week’s $489,000. Unlike loans, these advances are not repaid, and provide much-needed quicker assistance in amounts topping out at a maximum $10,000. The current average advance in American Samoa is $5,394.
EIDL Loans: As SBA opened EIDL to more applicants, there were 23 new EIDL loan approvals in the week, which now stands at 70 EIDL approvals in the Territory, reaching $4,247,300 – an increase of about $1.1 million this week.
PPP Loans: Local employers have now acquired 156 PPP loans totaling $7,300,565.
“The SBA expanded opportunities for the EIDL program as we requested, and I’m pleased our islands’ small businesses and nonprofits were able to access more of this assistance this week,” said Aumua Amata. “We will continue to work to support our local economy through this time.”
Small businesses apply to these SBA programs through local lenders. Congress first funded these programs under the CARES Act, then replenished the programs with additional legislation. In June, Congress passed reforms to give businesses more time and flexibility to use the PPP dollars they already acquired. Finally, last week, SBA removed limits on EIDL (initially available only to agricultural-related businesses) to allow other small businesses and and nonprofits to apply.