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Small Business Administration has run out of funds following Hurricanes Helene and Milton

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

The Small Business Administration has run out of money for its disaster assistance loans, delaying much needed relief for people applying for aid following Hurricanes Helene and Milton, the government agency announced Tuesday. In a press release, the SBA said that the funds were "exhausted" following "increased demand from Hurricane Helene." The agency noted that its loan application protal remains open as well as its disaster centers across the country remain staffed.

He noted Homeland Security Secretary Alejandro Mayorkas said in July that FEMA was "tremendously prepared" for weather crises this year. Since Hurricanes Helene and Milton, the SBA has seen about 49,000 applications for relief submitted. Hurricane Helene had 37,000 applicants, while Hurricane Milton saw 12,000.

So far, the SBA has made more than 700 Helene loan offers totaling about $48 million. The agency said that they can make disaster loans up to $500,000 to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters may be eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property, and businesses may be eligible for loans up to $2 million for both physical damage and economic injury from business disruption.

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