Small Business Disaster Loan Program Is Out Of Money Until Congress Approves New Funds [Video]

NEW YORK (AP) — 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 this month that it expected to soon run out of funding.

Congress can approve more funds, but doesn’t reconvene until after the election.

The SBA is pausing new loan offers until it gets more funding. SBA Administrator Isabel Casillas Guzman said people should keep applying for the loans, however.