Photo: felixmizioznikov / iStock Editorial / Getty Images
The Small Business Administration is out of money for its disaster loan program after hurricanes Helene and Milton.
The agency said Tuesday it is pausing new low interest loan offers unless Congress allocates more funding.
President Biden and other Democrats have called on House Speaker Mike Johnson to call Congress back into session to get that done, but Johnson says the matter can wait until Congress returns next month after the election.
“There’s no question these devastating back-to-back storms have stressed the SBA funding program,” Johnson, a Republican, said in a statement. “But the Biden-Harris Administration has the necessary disaster funding right now to address the immediate needs of American people in these hurricane affected areas.”
Other disaster relief programs are available including Federal Emergency Management Agency, or FEMA. The FEMA aid isn’t affected by the SBA shortfall.
According to the agency, "So far, the SBA has received around 37,000 applications for relief from those impacted by Hurricane Helene and made more than 700 loan offers totaling about $48 million. It has received 12,000 applications from those impacted by Hurricane Milton."
In the meantime, the SBA is telling people to continue to apply for assistance, so they'll be positioned once money is available.