The Small Business Administration is currently unable to provide low-interest loans for disaster recovery as it has run out of funds, impacting homeowners and businesses.
S.B.A. Administrator Isabel Guzman emphasized the urgency for Congress to return and approve additional funding as the agency is processing loan applications amidst a funding shortage.
President Biden and Speaker Johnson have both assured that disaster programs will be replenished when Congress reconvenes on Nov. 12, urging Americans to continue loan applications.
Despite recent relief funds, FEMA faces challenges as officials warn that existing disaster funding might not suffice for ongoing recovery needs throughout the hurricane season.
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