Reminder about Deadline for PPP Loans

Congresswoman Aumua Amata is reminding small businesses and employers that the current deadline for a Paycheck Protection Program (PPP) loan is August 8.

“I support extending this program, and I’m very optimistic that Congress will extend it,” said Aumua Amata. “PPP has put money into our local economy. This program has plenty of support in Congress, but negotiations are over other parts of the economic relief legislation. Loan forgiveness can also help some local small businesses.”

Tuesday, the Small Business Administration (SBA) released a fact sheet<https://www.sba.gov/document/support-frequently-asked-questions-ppp-loan-forgiveness>  explaining more about the possibility of forgiveness of all or part of some of these loans, an option some local small businesses will want to explore.

The program will pause on the 8th, with no more loans until it restarts upon new congressional action. Both the House and Senate have passed bills, but the differences must be resolved and the compromise then passed in order to become law.

“I’m confident Congress can reach agreement,” continued Amata. “Most of Congress supports another round of personal relief checks, extending Small Business Administration assistance, and extending the unemployment, although the amount is under negotiation.”

At last report, the PPP assistance for American Samoa was over $11 million, and accounted for more than half of all the SBA aid in the Territory since Congress passed the CARES Act in late March.

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