After Hurricane Helene, the Small Business Administration (SBA) announced that it has exhausted its funds for new disaster loans. This was expected due to a surge in applications following the hurricane. As a result, funding is on hold until Congress provides more money.
The City of Hollywood official website notes that the SBA has pressed pause on issuing new loan offers under its disaster loan program. This decision follows a warning from the SBA that their funds were running low and would soon be insufficient to meet the needs of all applicants. While new offers are halted, the SBA continues to encourage potential borrowers to submit loan applications. Congressional leaders have indicated they are likely to replenish the funds when Congress reconvenes in November.
The SBA has assured that support for applicants, including disaster centers and in-person staff, will continue nationwide. Despite the lack of immediate funding, small businesses and individuals affected by Hurricane Helene can be assured that the application process is still active.
