The number of employers in American Samoa who have successfully acquired Paycheck Protection Program loans reached 100 yesterday. The amount of funding was over $6 million.
Congresswoman Aumua Amata shared the report from the Small Business Administration and said, “I appreciate the efforts by our business community reflected by these loans. This assistance can keep our businesses planning for the future despite the restricted economy.”
The program continues to accept applications and remains currently funded and open. Businesses can talk to lenders in American Samoa to seek out possible loans.
KHJ News points out that at a House hearing this week, businesswoman Leilua Stevenson said that though her company was approved for the PPP, she hasn’t seen a cent of this money.
KHJ News has been informed that it takes 3-4 weeks after approval for the funding to be released.
The SBA’s Economic Injury Disaster Loans (EIDL) program also remains available to select businesses with an agricultural focus.
Congress funded these programs under the CARES Act, then replenished the programs with the Paycheck Protection Program and Health Care Enhancement Act.
Congresswoman Aumua said, “Thank you to our lenders for their work through these procedures.”
She stated that Congress is considering more economic relief, and she will continue to provide updates on any bipartisan progress in Washington towards additional assistance.