Small Business Aid for American Samoa now at $17.8 Million
Washington, D.C. — Congresswoman Aumua Amata provided on Monday a weekly update on the continuing growth in Small Business Administration (SBA) economic aid for American Samoa’s small businesses and nonprofits.
The total increased by about $2.6 million to $17,810,411. That includes 321 combined loans from two programs, and 189 emergency advances at an average of $5,613 per advance.
“Our businesses needed this assistance, and we all need our small businesses,” said Aumua Amata. “Thank you to the businesses here, to SBA and the lenders, and everyone else involved in informing or encouraging these efforts locally, including the Chamber of Commerce, Small Business Development Center, and ASG.”
This SBA assistance includes the Paycheck Protection Program (PPP), which Congress extended last week until August 8th, and the Economic Injury Disaster Loans (EIDL) program, providing both local loans and emergency advances.
PPP Loans: Approvals increased 26 loans and another $1,771,293 to reach 223 loans and a sum of $10,506,811.
EIDL Advances: Another 27 of American Samoa’s employers received EIDL emergency advances (direct assistance, not loans), making a new total of 189 approved for a new sum of $1,061,000.
EIDL Loans: Local small businesses accessed another $655,300 in these loans in the week, for new totals of 98 loans at a sum of $6,242,600.
The temporary PPP assistance was briefly closed last week, but Congress extended the program through August 8th. The EIDL program is expected to continue into December of 2020. Small businesses and nonprofits interested in this aid should go through local lenders.