President Joe Biden informed congressional leaders on Friday night that the Small Business Administration’s (SBA) disaster loan program will run out of funds before Congress reconvenes after the November elections. The SBA needs $1.6 billion to meet the demand from thousands of new applications for aid following Hurricane Helene, which hit the Southeast.
Though the White House requested additional SBA funding, Republicans declined to include it in the current stopgap appropriations law, which runs through December 20. Biden emphasized that while FEMA has enough resources for emergency response, the SBA urgently requires more funding. Loans are available to hurricane victims in six states, with up to $2 million for businesses and $500,000 for homeowners.
Biden urged lawmakers to address the issue as soon as they return in November and called for broader disaster aid, including a $23.5 billion supplemental request from October 2023. Congress could potentially approve a one-off SBA aid package before then, but it would require unanimous consent.
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