SBA Warns of Disaster Loan Funding Shortage

The Small Business Administration (SBA) is warning that its disaster loan program could run out of funding within weeks, exacerbated by the devastation from Hurricane Helene and the impending impact of Hurricane Milton on Florida. President Joe Biden urged Congress to approve additional federal funding in a letter, emphasizing that the current aid could be depleted by the end of October. The SBA has less than $100 million available for new disaster loans, which are crucial for homeowners, renters, and small businesses in affected states. Despite ongoing processing of applications, new loan offers will be paused if funding is not replenished. SBA Administrator Isabel Casillas Guzman expressed the agency's commitment to assist but stressed the urgency of securing federal resources. Business owners have until the end of November to apply for the available disaster loans, which include funds for repairing damaged property and working capital support.