SBA Disaster Loan Program Runs Out of Funds After Hurricanes

Senate Republicans criticize the SBA for lack of transparency as Congress delays new funding until after elections.

Sen. Joni Ernst and other GOP senators accuse the SBA of not disclosing financial shortfalls, leading to an exhausted disaster loan program.
The SBA's disaster loan funds ran out following Hurricanes Helene and Milton, with new funding pending Congressional approval in November.
The Biden administration highlights the urgent need for $1.6 billion to meet increased demand for disaster relief loans.
House Speaker Mike Johnson stated that Congress would not reconvene early, despite calls for immediate funding to assist affected areas.
FEMA remains operational but warns of limited funding to address ongoing disaster recovery needs until Congress returns.