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Funds for Small Business Administration disaster loan program depleted following Hurricane Helene


The Small Business Administration announced that it has run out of funds for its disaster loan program due to increased demand caused by Hurricane Helene. The SBA will not be accepting new loan applications until Congress appropriates additional funds, but they encourage individuals and businesses to continue applying in anticipation of future funding. Hurricane Helene caused significant damage in six U.S. states, resulting in over 200 deaths. President Joe Biden has called for Congress to reconvene to address the need for disaster relief funding, but members of Congress are currently in recess and not scheduled to return until after the Nov. 5 election. The SBA is working closely with congressional leaders to secure additional funding to continue providing assistance to disaster survivors. The situation highlights the urgent need for financial support for those affected by natural disasters and the importance of a timely response from the government to provide much-needed aid to individuals and businesses in crisis.

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