ANZ Bank needs a bit more time to roll out the Small Business Administration’s Paycheck Protection Program, according to ANZ Country Manager Tasi Scanlon.
She said they ancitpate a high volumne of applications and need to make sure their digital platform can accommodate the demand before the bank launched the program.
“We’re trying to get our digital solutions in place first,” said Scanlon.
The program provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits.
The funds can be used to pay interest on mortgages, rents and utilities.
Qualified small businesses can also obtain loans that would be fully forgiven when used for payroll costs, interest on mortgages, rents and utilities. At least 75% of the forgiven amount must have been used for payroll.
The ANZ Country Manager said the process will be straight forward for existing SBA customers of ANZ.
First time applicants need to go through a vetting process which would include a credit review.
She asks customers to be patient as ANZ works on the digital platform to roll out the assistance program.
The American Samoa Chamber of Commerce says it is also in talks with the Territorial Bank of American Samoa and Development Bank regarding the Paycheck Protection Program.
DBAS is in the process of applying to be an SBA lender, and If approved they will also be able to provide PPP Loan/grant options.
