Biden: “SBA disaster fund is out of money” | NewsRadio WFLA

After hurricanes Helene and Milton, the Small Business Administration is running out of money for its disaster loan program.

The agency announced Tuesday that it is pausing new low-interest loan offerings unless Congress provides additional funding.

President Biden and other Democrats have called on House Speaker Mike Johnson to call Congress back into session to get it done, but Johnson says the matter could wait until Congress returns next month after the election.

“There is no doubt that these devastating back-to-back storms have put a strain on the SBA funding program,” Johnson, a Republican, said in a statement. “But the Biden-Harris administration currently has the disaster resources necessary to meet the immediate needs of the American people in these hurricane-affected areas.”

There are other disaster relief programs available, including the Federal Emergency Management Agency (FEMA). FEMA assistance is not affected by the SBA deficit.

According to the agency, “To date, the SBA has received approximately 37,000 applications for assistance from those affected by Hurricane Helene and has made more than 700 loan offers totaling approximately $48 million. It has received 12,000 applications from those affected by Hurricane Milton.”

In the meantime, the SBA encourages people to continue to apply for assistance so they can get started as soon as money becomes available.