Updates: SBA now funding 87 American Samoa small businesses
Washington, D.C. — Congresswoman Aumua Amata is reporting that the Small Business Administration’s Paycheck Protection Program continues to advance with a new week’s data reported. American Samoan businesses have now successfully acquired 87 PPP loans totaling approximately $5 million, and the program remains currently open, funded, and accepting applications.
Amata is also letting any agricultural small businesses in American Samoa know that Economic Injury Disaster Loans (EIDL) are available for application through the SBA to select businesses with an agricultural focus. (This must be a business entity such as would be in the tax system.)
This EIDL assistance is different from the PPP, although both are SBA programs that Congress funded, first with the historic CARES Act, then replenished with an additional $60 billion EIDL assistance in the bipartisan $484 billion Paycheck Protection Program and Health Care Enhancement Act.
EIDL is only currently available to agricultural businesses, and can include loans and in some cases, forgivable emergency advance grants. Check with your lender to determine if your ag-related business qualifies.
“Our food security is very important right now,” said Aumua Amata. “This program can help small agricultural-focused businesses survive the economic struggles, and is part of the national effort to keep our food chain working.”
If qualified, an EIDL emergency advance grant can be up to $10,000, based on the number of employees. In these cases, that advance does not have to be repaid.
“Congress passed PPP and EIDL to help save our employers and small businesses during the economic struggles caused by the pandemic,” continued Amata. “Your business is important, so please look into whether PPP or EIDL assistance is right for you. The SBA continues to process assistance with low interest and helpful repayment terms to keep businesses going.”