The Economic Injury Disaster Loan Program offered by the Small Business Administration for businesses impacted by the COVID-19 pandemic turns into a grant if the applicant satisfies certain requirements.
As of this week 70 EIDL loans with a total value of $4.2 million have been approved for businesses in American Samoa.
Commissioner of the Office of Financial Institutions Robert Ho Chee explained at a recent House hearing how the program transitions from a loan to an advance.
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