The Small Business Administration received nearly 50,000 applications for disaster relief after hurricanes Helene and Milton struck just days apart. The SBA is now running out of money for its disaster assistance loan program and will have to put it on pause.The agency's loans are meant to provide help to small businesses, renters and home owners — but now the SBA is now asking people to turn to other agencies like FEMA for relief, if they can find it.
Mayorkas to Scripps News: Some hurricane survivors reluctant to accept FEMA assistance due to disinformationRob Schroeder, a Washington Bureau Chief at Marketwatch said the SBA received 'overwhelming demand' after the multiple hurricanes and said 'the money went fast.'That lead the agency to suspend the disaster program, and many were asked to look at state and county options for help. Other federal programs have also dealt with unique struggles following the hurricanes.
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Small Business Administration disaster loan program exhausts funds after Hurricane HeleneFour days after Hurricane Milton roared onto the west coast of Florida, analysts estimate well-over $100 billion of damage. The cost of cleanup, rebuilding and insurance in a coastal hurricane zone have become prohibitive to some residents who are deciding they can no longer afford to live in paradise.
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