SBA disaster loan funds depleted after hurricanes Helene and Milton
- The Small Business Administration has run out of funds for disaster assistance loans, impacting relief for hurricane victims.
- Approximately 49,000 applications have been submitted for aid related to Hurricanes Helene and Milton.
- New loan offers are paused until Congress approves additional funding, but the SBA urges applicants to keep applying.
In the United States, the Small Business Administration (SBA) has announced that it has exhausted its funds for disaster assistance loans, which are crucial for businesses and individuals affected by recent hurricanes. This funding shortfall comes as the SBA has received approximately 37,000 applications related to Hurricane Helene and 12,000 for Hurricane Milton. The agency had anticipated running out of funds by the end of the month, prompting a pause on new loan offers until Congress can allocate additional resources. The next opportunity for Congress to reconvene and discuss funding is on November 12, which means that applicants will face delays of at least a month. Despite the funding issues, SBA Administrator Isabel Casillas Guzman has encouraged individuals to continue submitting their loan applications. The SBA's application portal remains operational, and disaster centers are still available to assist applicants. The agency aims to process and offer loans as soon as new funding is secured, highlighting the ongoing need for financial support in the aftermath of these natural disasters.