Businesses reminded final day to apply for PPP is June 30
Pago Pago — Wednesday, Congresswoman Aumua Amata reminded small businesses that the deadline to apply for the Paycheck Protection Program (PPP) is just days away on June 30th.
“Any businesses that still want to access PPP must act right away,” said Aumua Amata. “If so, talk to a lender immediately.”
PPP is one of two current Small Business Administration (SBA) programs providing economic relief due to the effects of coronavirus restrictions on businesses and jobs. PPP has been in place longer, and has been the source of well over half the funds distributed to businesses in American Samoa, amounting to $7.3 million of the over $12.2 million for American Samoa’s small businesses and nonprofits.
Applications to PPP have slowed down the past two weeks, due to the fact that many eligible businesses have already used this option. Meanwhile, the more recently available Economic Injury Disaster Loans (EIDL) program has grown in local activity the past several weeks.
In contrast to the June 30 deadline for PPP, the EIDL program remains available through December 21, as long as the appropriated funds are available.
“I encourage small businesses and nonprofits in our islands to check on the possibility of an EIDL advance,” concluded Amata. “These are immediate relief funds, not loans. These emergency advances are for businesses that experienced losses due to the economic restrictions during this time. EIDL also provides loans. For many employers, these possibilities are worth the time to talk to a lender.”