The Small Business Administration, which provides billions for disaster recovery, has run out of money to help people and businesses that were hit by Hurricanes Helene and Milton, President Joe Biden said Tuesday.
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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The halt by the SBA, which has provided more than $25 billion in low-interest disaster loans since 2001, comes as hundreds of thousands of people and businesses across the Southeast have to rebuild following the devastating hurricanes.
