SBA assistance up another million this week in American Samoa
Washington, D.C. — Aumua Amata said this week’s update of the Small Business Administration (SBA) assistance programs continues to show more American Samoa businesses getting much-needed aid. The combined total is now 174 loans, another one week increase of 20 approvals, making the new sum $9,695,780 — that’s up another million from last week’s $8,654,566.
In a difference this week, much of the financial growth in assistance is from the SBA’s Economic Injury Disaster Loans (EIDL) program, which now stands at 37 EIDL approvals, up to $2,851,500.
Under the Paycheck Protection Program (PPP), local employers have now acquired 137 loans totaling $6,844,280.
“We need and appreciate these small businesses in our local economy,” said Aumua Amata. “These SBA programs were put together quickly, and they are making an important difference. The Small Business Committee on which I serve is listening to small businesses, making changes, and conducting oversight. We passed improvements last week to the PPP that should free up businesses to use these funds better going forward.”
The SBA programs remain available through local lenders. Congress funded these programs under the CARES Act, then replenished the programs with another bill, and last week, passed reforms to give businesses more time and flexibility to use PPP dollars. Congress has passed health and economic funds in four coronavirus relief bills.
“Congress is currently scheduled to assess the status of economic relief and pandemic health needs again in early July,” concluded Amata.