SBA Disaster Loan Program Exhausted Amid Hurricane Recovery Efforts

The Small Business Administration has paused new disaster loans as funds deplete, urging Congress to act after hurricanes Helene and Milton cause widespread damage.

The SBA has run out of funds for its disaster loan program, pausing new loans until Congress reconvenes in November to approve additional funding.
The program has received around 49,000 applications, approving over 700 loans worth $48 million, primarily for Hurricane Helene survivors.
President Biden and SBA Administrator Isabel Casillas Guzman encourage continued applications, promising swift disbursement once funds are replenished.
The hurricanes have caused significant damage across six states, with federal disaster aid nearing $2 billion to support recovery efforts.
FEMA continues to provide emergency assistance, but warns of potential funding constraints without supplemental congressional support.