The Small Business Administration’s relief program is running out of money and is on pause

The Small Business Administration received nearly 50,000 applications for disaster assistance after Hurricanes Helene and Milton struck just days later.

The SBA is now running out of money for its disaster relief loan program and must pause it.

The agency’s loans are designed to help small businesses, renters and homeowners — but now the SBA is asking people to turn to other agencies like FEMA for help if they can find it.

RELATED | Mayorkas to Scripps News: Some hurricane survivors are hesitant to accept FEMA aid because of disinformation

Rob Schroeder, Washington bureau chief at Marketwatch, said the SBA received “overwhelming demand” after the multiple hurricanes and said “the money went quickly.”

This led to the agency suspending the disaster program and many were asked to explore options for assistance at the state and county levels.

Other federal programs also addressed the specific problems following the hurricanes.

In a Scripps News investigation, Sec. Alejandro Mayorkas said some hurricane survivors were hesitant to accept certain types of help from FEMA, citing widespread misinformation.