SBA disaster fund

The Small Business Administration (SBA) has exhausted its disaster loan funding, affecting relief efforts for homeowners, renters, and small businesses impacted by Hurricanes Helene and Milton. White House Press Secretary Karine Jean-Pierre emphasized the urgency for Congress to approve additional funding, as the SBA received nearly 50,000 applications and has disbursed $48 million in loans thus far. President Biden encouraged survivors to continue applying for loans, stating that the SBA will process these applications despite the funding shortfall. Congress is currently in recess until November 12, delaying any potential replenishment of the disaster loan program. House Speaker Mike Johnson has assured that Congress will address the funding upon their return, but no early reconvening is planned. Meanwhile, FEMA's disaster relief efforts are ongoing, though they too will require additional funding from Congress eventually.