Small business disaster loan program said to be in danger of running out of funds by end of month
The Small Business Administration could run out of money to fund disaster loans in the wake of Hurricane Helene’s devastation
NEW YORK (AP) — The Small Business Administration could run out of money to fund disaster loans in the wake of Hurricane Helene's devastation.
As is typical after a disaster, the government is offering aid to small businesses that were in Helene's path. The SBA is offering disaster loans for small businesses in some counties in Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia.
But President Joe Biden said in a letter to Congress Friday that aid could run out “ in a matter of weeks ” if more federal funding is not approved. And now another hurricane, Milton, is bearing down on Florida,
In a statement, the SBA said that it will continue sharing information about its disaster loan programs and assisting borrowers with initial processing and servicing loans. But if funding lapses, all new offers would be held back and delayed until program funding is replenished.
