Development Bank receives PPP lending approval
Washington, D.C. — Saturday, Congresswoman Uifaatali Amata released the following statement of congratulations to the Development Bank of American Samoa, and President Ruth S. Matagi-Faatili, upon approval as a lender in the Paycheck Protection Program (PPP):
“Congratulations to the Development Bank of American Samoa upon being officially approved to lend through the Small Business Administration’s Paycheck Protection Program. Thank also to all our local lenders. Additional access for people and local small businesses is helpful for American Samoa and our local economy. These SBA programs, PPP and EIDL, put over $24 million into our local economy last year. Many businesses have already secured a first draw loan. Under this law, Congress provided for both first draw and second draw loans, with the possibility of loan forgiveness upon meeting certain criteria.
“Congress originally created the PPP in last year’s CARES Act as a temporary program, however, Congress renewed the program a few weeks ago for continued assistance during the economic effects of COVID-19.
“It’s important to know that these loans are meant to help with payroll and certain essential operating expenses. Maintaining employee levels and pay rate levels is important to the possibility of loan forgiveness, so talk to a lender first. Thank you to our entire small business community, the SBA, and the year-round efforts of anyone assisting growth efforts including ASG, the American Samoa Small Business Development Center, the American Samoa Chamber of Commerce, and the local approved lenders.”