Commonground
Senior Moderator
PRESS RELEASE 25-04
Disaster Survivors in Need of Loans Should Continue to Apply While SBA Awaits Additional Funding
Published on October 15, 2024
WASHINGTON – Today, the SBA announced that it has exhausted funds for its disaster loan program after warnings that funding would soon run out following increased demand from Hurricane Helene. Until Congress appropriates additional funds, the SBA is pausing new loan offers for its direct, low-interest, long-term loans to disaster survivors. However, SBA is encouraging individuals and small businesses to continue to apply for loans given assurances from congressional leaders that additional funding will be provided upon Congress’s return in November.
The SBA’s loan application portal remains open, SBA’s disaster centers and in-person staff remain deployed across the country, and the agency will continue to accept new applications and ready borrowers to get their disaster loan offers as soon as possible once Congress appropriates funds. Disaster survivors in need of an SBA loan for personal belongings, residential property damage, and business damage and disruption should not wait to apply. Disaster survivors should start the application process immediately, regardless of SBA funding availability, so that our disaster teams can take them through the application process and position eligible applicants to receive offers and funds.
“We know that swift financial relief can help communities recover quickly to stabilize local economies,” said Administrator Isabel Casillas Guzman. “While we await Congress to provide much-needed funding, we strongly encourage eligible businesses and households to apply for SBA disaster loans. SBA will continue to support homeowners, renters, businesses and nonprofits in processing their applications to ensure they receive assistance quickly once funds are replenished.”
The SBA will continue loan processing operations including supporting current borrowers and new applicants.
continued: https://www.sba.gov/article/2024/10/15/sba-exhausts-funds-new-disaster-loans
Disaster Survivors in Need of Loans Should Continue to Apply While SBA Awaits Additional Funding
Published on October 15, 2024
WASHINGTON – Today, the SBA announced that it has exhausted funds for its disaster loan program after warnings that funding would soon run out following increased demand from Hurricane Helene. Until Congress appropriates additional funds, the SBA is pausing new loan offers for its direct, low-interest, long-term loans to disaster survivors. However, SBA is encouraging individuals and small businesses to continue to apply for loans given assurances from congressional leaders that additional funding will be provided upon Congress’s return in November.
The SBA’s loan application portal remains open, SBA’s disaster centers and in-person staff remain deployed across the country, and the agency will continue to accept new applications and ready borrowers to get their disaster loan offers as soon as possible once Congress appropriates funds. Disaster survivors in need of an SBA loan for personal belongings, residential property damage, and business damage and disruption should not wait to apply. Disaster survivors should start the application process immediately, regardless of SBA funding availability, so that our disaster teams can take them through the application process and position eligible applicants to receive offers and funds.
“We know that swift financial relief can help communities recover quickly to stabilize local economies,” said Administrator Isabel Casillas Guzman. “While we await Congress to provide much-needed funding, we strongly encourage eligible businesses and households to apply for SBA disaster loans. SBA will continue to support homeowners, renters, businesses and nonprofits in processing their applications to ensure they receive assistance quickly once funds are replenished.”
The SBA will continue loan processing operations including supporting current borrowers and new applicants.
continued: https://www.sba.gov/article/2024/10/15/sba-exhausts-funds-new-disaster-loans