Amata Highlights Federal Small Business Assistance Now Over $19 Million
Washington, D.C. – Tuesday, Congresswoman Aumua Amata provided an update on the growth in economic aid from the Small Business Administration (SBA), in conjunction with the U.S. Treasury Department, for American Samoa’s small businesses and nonprofits, due to Congress having passed several rounds of economic relief legislation since March.
American Samoa’s total increased from the last report of $17.8 million to over $19.1 million (specifically $19,171,658). That includes 371 combined loans from two SBA programs, and 204 emergency advances – now up to an average of $5,813 per advance.
(Source: Treasury Dept.)
“The SBA has completed the emergency advances portion of the EIDL program, and I’m pleased that so many local small businesses had access to that important assistance,” said Aumua Amata. “Local lenders can work with any employer still needing a PPP loan through August 8, and EIDL loans will continue. The House and Senate are also negotiating a next step in economic relief efforts, and I will keep you informed as more agreement develops to pass a bill.”
This summary of local SBA assistance includes the Paycheck Protection Program (PPP), which Congress has extended until August 8th, and the Economic Injury Disaster Loans (EIDL) program, providing both local loans and emergency advances. The SBA has announced the end of the EIDL emergency advances program; however, EIDL loans will continue through December unless the current program allocation is distributed before then.
PPP Loans: Approvals increased by 34 more loans to 257 loans and a sum of $10,896,458.
EIDL Advances: Another 15 of American Samoa’s employers were able to access EIDL emergency advances (direct assistance, not loans), making a new total of 204 approved for a sum of $1,175,000.
EIDL Loans: Another 16 local small businesses accessed another $857,600 in these loans, for new totals of 114 loans at a sum of $7,100,200.