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Small Business Administration disaster loan program exhausts funds after Hurricane Helene

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Four 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.

WASHINGTON — The Small Business Administration said on Tuesday it has exhausted funds for its disaster loan program following increased demand from Hurricane Helene, with Congress being in recess. “Until Congress appropriates additional funds, the SBA is pausing new loan offers for its direct, low-interest, long-term loans to disaster survivors,” the SBA said in a statement.

“However, SBA is encouraging individuals and small businesses to continue to apply for loans given assurances from congressional leaders that additional funding will be provided upon Congress’ return in November.” The devastating Hurricane Helene killed more than 200 people in six U.S. states, nearly half of the victims in North Carolina alone.

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