Washington, D.C. — Congresswoman Aumua Amata and the Committee on Small Business held a forum with a panel of lenders to conduct oversight and examine the Small Business Administration’s implementation of the Paycheck Protection Program (PPP).

“The Small Business Administration’s Paycheck Protection Program continues to provide vital help to the country’s small businesses,” said Aumua Amata, who serves as Vice Ranking Member on the Committee. “Unfortunately, the first round largely went to the swift — the well-banked, and  ‘larger’ small businesses.”

Congresswoman Amata took part in the immediate effort to correct those initial problems with PPP, and the legislation that replenished the fund made necessary reforms to improve access for the underserved.

 “This ensured smaller institutions and micro-businesses were given much needed access through their small community banks,” her statement continued. “My home of American Samoa has only three banks, none of which operate in the continental United States. Only one bank was an approved lender during the first round of PPP, but recently a second has been approved.”

The Congresswoman reminded the Committee that only a couple of approved loans were completed in Round One for American Samoa, but that has improved notably in Round Two, still rising at the last weekly count at 87 loans and $5,000,000.

“We are a remote island community of 60,000 but the modifications in Round Two have certainly been helpful to our small businesses,” she stated. “Some of our businesses are still figuring out this process and program, but many have received great help through our local SBA Small Business Development Center affiliated with American Samoa Community College.”

Congresswoman Amata appreciates SBDC Director Jason Betham and the team at the community college, the efforts of the local lenders, the American Samoa Chamber of Commerce and Chairwoman Ella Gurr, and the response of the SBA to these small community needs. She also commends SBA and Administrator Jovita Carranza for rapidly standing up a massive nationwide program in a very short time. In a bipartisan letter to SBA last week, Amata urged increasing loan support for underserved areas and small lenders.

“The $60 billion that Congress set aside to small banks and underserved banking communities like ours in American Samoa has been a success, but demand is still there,” concluded Amata, before posing questions to the witnesses.

Panelists told Members of Congress that PPP was an overall success for small businesses, and complimented the rapid setup of the program by the Small Business Administration and Department of the Treasury, while seeking improvements in clarity on loan forgiveness and liquidity requirements.