Workers, community members, and business owners clean up debris in the aftermath of Hurricane Helene in Marshall, North Carolina on Monday, Sept. 30, 2024.The Small Business Administration, which provides billions for disaster recovery, has run out of money to help people and businesses that were hit by Hurricanes Helene and Milton, President Joe Biden said Tuesday.
The SBA said Tuesday that it has received 49,000 applications from households and businesses damaged by Helene or Milton and approved just 700 loans, worth a total of $48 million. SBA disaster loans have helped households avoid declaring bankruptcy under massive rebuilding costs, said Ben Collier, associate professor of Risk Management and Insurance at Temple University’s Fox School of Business.that “there’s no question these devastating back-to-back storms have stressed the SBA funding program.”
Biden and the SBA have been warning that the SBA is about to run out of money to administer its disaster-loan program and urged Congress to provide money quickly.
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