Small Business Administration relief program runs out of money, put on pause

The Small Business Administration received nearly 50,000 applications for disaster relief after hurricanes Helene and Milton struck just days apart.

The SBA is now running out of money for its disaster assistance loan program and will have to put it on pause.

The agency’s loans are meant to provide help to small businesses, renters and home owners — but now the SBA is now asking people to turn to other agencies like FEMA for relief, if they can find it.

RELATED | Mayorkas to Scripps News: Some hurricane survivors reluctant to accept FEMA assistance due to disinformation

Rob Schroeder, a Washington Bureau Chief at Marketwatch said the SBA received “overwhelming demand” after the multiple hurricanes and said “the money went fast.”

That lead the agency to suspend the disaster program, and many were asked to look at state and county options for help.

Other federal programs have also dealt with unique struggles following the hurricanes.

In a Scripps News investigation, Sec. Alejandro Mayorkas said some hurricane survivors had been reluctant to accept certain types of help from FEMA, citing rampant misinformation.