The Small Business Administration has run out of funds for its disaster loan program due to increased demand following Hurricane Helene. Congress is currently in recess, leaving the SBA unable to offer new loans until additional funding is allocated. However, individuals and businesses are encouraged to continue applying for loans, as congressional leaders have assured that more funding will be provided upon their return in November. Hurricane Helene caused over 200 deaths in six U.S. states, with a significant number of victims in North Carolina. President Joe Biden believes that Congress should reconvene to address the urgent need for disaster relief funding, although members are not scheduled to return until after the Nov. 5 election.
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Small Business Administration’s disaster loan program runs out of funds following Hurricane Helene
