Additional Coverage:
SBA Disaster Loan Funds Exhausted
The Small Business Administration (SBA) has depleted its disaster relief funds, leaving applicants seeking aid after Hurricanes Helene and Milton waiting.
Congressional Approval Needed
The SBA offers Economic Injury Disaster Loans to affected businesses and individuals, but it now needs Congress to approve additional funding. Congress will not reconvene until November 12.
Applications Still Open
Despite the lack of funds, the SBA urges eligible applicants to continue submitting applications. The agency says it will process applications and prepare borrowers for loan offers once funds become available.
Past Disaster Assistance
In 2023, the SBA provided nearly $3 billion in disaster loans, including $670 million to small businesses and $2.3 billion to homeowners and renters.
Concerns Raised
Sources within the Biden administration and Congress had previously expressed concerns that the SBA fund would run out by the end of October due to Congress’s failure to allocate additional funding in September’s spending bill.