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

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The SBA is pausing new loan offers until it gets more funding, which means loans that have not already been offered will be delayed by at least a month.

By Mae Anderson, Associated PressRobert Turick, 68, works to clear household debris that Hurricane Milton storm surge swept from other properties into his canal-facing back yard, in Englewood, Fla., Friday, Oct. 11, 2024.

There are other disaster relief programs available, including assistance from the Federal Emergency Management Agency, or FEMA. The FEMA aid isn’t affected by the SBA shortfall. SBA Administrator Isabel Casillas Guzman said people should keep applying for the loans, however. “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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