SBA Halts Disaster Loans Amid Funding Shortage

The U.S. Small Business Administration (SBA) has announced that it has exhausted funds for its disaster loan program due to high demand following Hurricanes Helene and Milton, pausing new loan offers until Congress appropriates additional funding. Despite this, the SBA is urging disaster survivors, including individuals and small businesses, to continue submitting loan applications, as congressional leaders have assured that more funds will be allocated when Congress reconvenes in November. The agency's loan application portal remains open, and its disaster centers and staff are operational, ready to assist applicants. Current borrowers will continue to receive support, and applications will be processed for future offers once funding is secured. Approximately 37,000 applications have been submitted for Hurricane Helene relief alone, highlighting the urgent need for financial assistance. Other disaster relief options, such as those from FEMA, remain unaffected by the SBA's funding shortfall.