07/30/2020 | Press release | Distributed by Public on 07/29/2020 23:02
Washington, D.C. - Wednesday, Congresswoman Aumua Amata updated the growing Small Business Administration (SBA) economic aid for American Samoa's small businesses and nonprofits.
American Samoa's total increased from the last report of $19 million to over $21.5 million ($21,501,368), with all of that $2.5 million increase in two loan programs, as the emergency advances are no longer offered.
(File photo) Vice Ranking Member Amata and Ranking Member Steve Chabot in the Small Business Committee
The Paycheck Protection Program (PPP) is currently active through August 8, with discussions in Congress that the program should be extended. The Economic Injury Disaster Loans (EIDL) program is scheduled through Dec. 20, but the emergency advances portion of the program has been completed.
There are now 396 combined loans from the two SBA loan programs, along with the previously reported 204 emergency advances, which averaged $5,813 per advance.
'These SBA programs have provided important assistance to our small businesses and local employers,' said Aumua Amata. 'I support extending PPP availability, and there's a lot of bipartisan support in Congress for specific economic relief policies, including another round of $1,200 personal assistance checks. I will keep you informed of these events in Congress.'
PPP Loans: Approvals increased by 22 more loans to 264 total loans, increasing by about $1 million for a new sum of $11,704,368.
EIDL Loans: Another 18 local small businesses accessed another $1.5 million in loans, for new totals of 132 loans at a sum of $8,622,000.
EIDL Advances: The final total was 204 approved for a sum of $1,175,000, and the SBA has completed this part of the program.