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Small business disaster loan program is out of money until Congress approves new funds

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The Small Business Administration has run out of money for its disaster assistance loans, delaying much needed relief for people applying for aid in the wake of the destruction caused by Hurricanes Helene and Milton.

FILE - Leona Mangan of Lakeworth, Fla., holds a sign as she gathers with other supporters of former President Donald Trump outside his Mar-a-Lago estate in West Palm Beach, Fla., March 21, 2023.

Read full article: Keep your drink cold longer with these tumblers. See more Insider Deals here.Here’s how these silky, moisture-wicking sheets will give you your best sleep yetBusinesses are seen in a debris field in the aftermath of Hurricane Helene, Wednesday, Oct. 2, 2024, in Chimney Rock Village, N.C.

“We know that swift financial relief can help communities recover quickly to stabilize local economies.” Guzman said in a statement. She added that the SBA will continue to process applications so assistance can be quickly disbursed once funds are replenished. “There’s no question these devastating back-to-back storms have stressed the SBA funding program,” Johnson, a Republican, said in a statement. “But the Biden-Harris Administration has the necessary disaster funding right now to address the immediate needs of American people in these hurricane affected areas.”

The SBA offers two different types of disaster loans. Business physical disaster loans are for repairing or replacing disaster-damaged property, including real estate, inventories, supplies, machinery and equipment. Economic injury disaster loans are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations meet financial obligations that cannot be met as a direct result of a disaster.

 

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