The Small Business Administration’s (SBA) disaster assistance loan program is out of money after hurricanes Helene and Milton struck parts of the United States, the agency has announced.
In an Oct. 15 press release, the SBA said funds for the program have been exhausted following increased demand from disaster survivors in the wake of multiple extreme weather events, including the two hurricanes that made landfall in September and October.
The agency will therefore be pausing new loan offers for its direct, low-interest, long-term loans to disaster survivors.
The SBA encouraged individuals and small businesses to continue applying for loans, citing assurances from congressional leaders that additional funding will be provided once they return to Capitol Hill in November….