A federal program that provides disaster loans to businesses and homeowners is out of money following back-to-back hurricanes, President Biden said Tuesday.
Biden said in a statement that the Small Business Administration’s disaster loan program is out of funds.
“Speaker Johnson has promised that this and other disaster programs will be replenished when Congress returns, so Americans should continue to apply for these loans. SBA will continue to process applications and will disburse loans as soon as Congress provides the needed funding,” Biden said.
The statement was first reported by The Washington Post.
Speaker Mike Johnson (R-La.) said Thursday that there’s “no question these devastating back-to-back storms have stressed the SBA funding program.”
However, he also said the administration “has the necessary disaster funding right now to address the immediate needs of American people in these hurricane affected areas.”
“Congress is tracking this situation closely, and when members return in just a few short weeks, the administration should have an accurate assessment of the actual dollar amount needed and there will be strong bipartisan support to provide the necessary funding.”
