Continued SBA assistance to American Samoa is now over $10.2 Million
Washington, D.C. — Congresswoman Aumua Amata provided an update Monday of the Small Business Administration (SBA) assistance programs for American Samoa. The combined total is now 192 loans with another weekly increase of 17 approvals, arriving at a new sum of $10,210,623. This includes both the Paycheck Protection Program (PPP) and the currently more narrowly targeted Economic Injury Disaster Loans (EIDL) program.
EIDL Advances: In new information available this week, Amata is able to report that 92 of American Samoa’s small business employers have accessed important EIDL emergency advances (differing from EIDL total loans) for a cumulative $489,000. These advances provide much-needed assistance more quickly in smaller amounts topping out at a maximum $10,000.
EIDL Loans: There were also ten new EIDL loan approvals, which now stands at 47 EIDL approvals, reaching $3,166,800.
PPP Loans: Local employers have now acquired 145 PPP loans totaling $7,043,823.
“Small businesses make the economy work,” said Aumua Amata. “These SBA programs continue to put much-needed capital in the hands of those trying to make payroll or pay essential bills to stay operating.”
Small businesses can access these SBA programs through local lenders. Congress funded these programs under the CARES Act, then replenished the programs with another bill. Two weeks ago, Congress passed reforms to give businesses more time and flexibility to use PPP dollars. In addition to health and economic funding in four coronavirus relief bills passed since March, Congress will debate more relief possibilities in July.