Oct 15, 2024
NEW YORK (AP) — Officials said that the Small Business Administration (SBA) has run out of money for the disaster assistance loans. These loans are offered to small businesses, homeowners and renters. Many are applying after taking damage from Hurricanes Helene and Milton. Two of those centers opened on Friday in our area, one in Savannah and the other in Statesboro. The announcement came after warnings that funding would soon run out following increased demand from Hurricane Helene, without additional funding from Congress. Speaker of the House Mike Johnson has promised that this and other disaster programs will be replenished when congress returns, so Americans should continue to apply for these loans. The SBA will continue to process applications and will disburse loans as soon as congress provides the needed funding. The SBA is pausing new loan offers, however until it gets more funding, which means loans that have not already been offered will be delayed. Georgia breaks record with over 300,000 votes on first day of early voting The agency will also continue to support existing borrowers and applicants who have already received offers. The Associated Press (AP) reported that the SBA has received around 37,000 applications for relief from those impacted by Hurricane Helene and 12,000 applications from those impacted by Hurricane Milton. There are other disaster relief programs available, including assistance from the Federal Emergency Management Agency, or FEMA. The FEMA aid isn't affected by the SBA shortfall. For more details about all aid programs the government offers visit https://www.disasterassistance.gov.
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