Small Business Administration runs out of funding for disaster relief loans after hurricanes Helene, Milton

The Small Business Administration has run out of money for its disaster assistance loans, delaying much needed relief for people applying for aid in the wake of the destruction caused by hurricanes Helene and Milton.

The SBA offers Economic Injury Disaster Loans to businesses and people affected by disasters. The organization said earlier said it expected to run out of funding by the end of the month. Congress can approve more funds, but doesn't reconvene until Nov. 12.

The SBA said in a news release that "until Congress appropriates additional funds, the SBA is pausing new loan offers for its direct, low-interest, long-term loans to disaster survivors."