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The Small Business Administration could run out of money to fund disaster loans in the wake of Hurricane Helene’s devastation and what may follow from Hurricane Milton, which is currently crossing the Gulf toward the Florida peninsula.
As is typical after a disaster, the government is offering aid to small businesses that were in Helene’s path. The SBA is offering disaster loans for small businesses to particular counties in Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia.
But President Joe Biden said in a letter to Congress on Friday that aid could run out “in a matter of weeks” if more federal funding is not approved.
In a statement, the SBA says it will continue sharing information about its disaster loan programs and assisting borrowers with initial processing and servicing loans. But if funding lapses, all new offers would be held back and delayed until program funding is replenished.
