Small Business Administration runs out of funding for disaster relief loans after hurricanes Helene, Milton [Video]

The Small Business Administration has run out of money for its disaster assistance loans, delaying much needed relief for people applying for aid in the wake of the destruction caused by hurricanes Helene and Milton.

The SBA offers Economic Injury Disaster Loans to businesses and people affected by disasters. The organization said earlier said it expected to run out of funding by the end of the month. Congress can approve more funds, but doesn’t reconvene until Nov. 12.

The SBA said in a news release that “until Congress appropriates additional funds, the SBA is pausing new loan offers for its direct, low-interest, long-term loans to disaster survivors.”

SBA Administrator Isabel Casillas Guzman said people should keep applying for the loans, however.

“While we await Congress to provide much-needed funding, we strongly encourage eligible businesses and households to apply for SBA disaster loans,” Guzman said in a statement. “SBA will …