Small Business Administration disaster loan program runs out of funds [Video]

The Small Business Administration’s disaster loan program is out of money, delaying critical assistance for thousands of people impacted by recent storms. The agency made the announcement on Tuesday after warning of a potential shortfall for weeks. It follows a surge in demand from Hurricanes Milton and Helene. The SBA’s long-term, low-interest loans are a critical lifeline for small businesses, homeowners and renters. The loans can be used for personal property losses, home damages, business repairs and economic injuries. Despite the funding lapse, the White House says survivors should apply immediately.”Americans should continue to apply for these loans, and SBA will continue to process them and disburse assistance as soon as Congress does its job and provides the needed funding,” White House Press Secretary Karine Jean-Pierre said at a press conference on Wednesday. The SBA said, as of Tuesday evening, it had made 700 loan offers totaling about $48 million …