Small Business Disaster Loans to Hurricane Victims Are Halted as Cash Runs Out

image via New Scientist

October 17, 2024, 6:30 PM

• •The Small Business Administration has run out of money to help people and businesses that were hit by Hurricanes Helene and Milton.
• •The SBA said it is "pausing new loan offers" through its multibillion-dollar disaster program because "it has exhausted funds."
• •Biden called SBA’s low-interest disaster loans "a crucial lifeline to small businesses, homeowners and renters affected by disasters."

The Small Business Administration has run out of money to help people and businesses that were hit by Hurricanes Helene and Milton. The SBA said it is “pausing new loan offers” through its multibillion-dollar disaster program because “it has exhausted funds.” Biden called SBA’s low-interest disaster loans “a crucial lifeline to small businesses, homeowners and renters affected by disasters.” Homeowners can borrow up to $500,000.

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