WASHINGTON – The Small Business Administration announced Tuesday that funding for its disaster loan program has been depleted as Congress is in recess and increased demand from Hurricane Helen.
“Until Congress appropriates additional funding, the SBA is suspending new loan proposals for direct low-interest, long-term loans to disaster survivors,” the SBA said in a statement.
“However, with assurances from Congressional leaders that additional funding will be available when Congress returns in November, the SBA is encouraging individuals and small businesses to continue applying for loans.”
The devastating Hurricane Helen killed more than 200 people in six US states, with North Carolina alone accounting for nearly half of the casualties.
President Joe Biden has said he believes Congress, including those currently in recess, should reconvene to address disaster relief funding needs.
Members of the House and Senate are not scheduled to return to Washington until after the Nov. 5 election.