WASHINGTON, D.C. – Today, Senator Thom Tillis (R-NC), along with Senators Ted Budd (R-NC), Tim Scott (R-SC), Bill Cassidy, M.D. (R-LA), and Rick Scott (R-FL), announced plans to introduce legislation that would replenish the Small Business Administration (SBA) Disaster Loan Program. The Senators plan to seek passage of the legislation when Congress returns to session.
On October 15th, the SBA announced the Disaster Loan Fund had run out of money. Senator Tillis previously wrote an op-ed in The Hill urging Congress to return and quickly pass a disaster recovery package to replenish the fund, writing in part: “…Few Helene victims have flood insurance, so the SBA’s various disaster recovery programs are key to long-term recovery. By utilizing these programs, victims can access low-interest loans to replace lost property or repair or rebuild their homes or small businesses. The loans can also be used to provide a financial cushion for small businesses that face an economic loss in the months ahead due to the storm.”
“The SBA Disaster Loan Program running out of funds risks delays in processing the loans of those affected by Helene and Milton and their ability to get their lives back on track,” said Senator Tillis. “That is why I am leading legislation to replenish this fund when Congress returns to Washington, and I look forward to working across the aisle to pass a long-term disaster aid package that will provide additional resources to help make the victims of these hurricanes whole again.”
“The citizens of Western North Carolina are some of the toughest and most resilient people in this country,” said Senator Budd. “As they recover and rebuild their communities, they must be able to access disaster loans from SBA. This recovery will take many years, and I look forward to working with my colleagues to cut through the delays and provide WNC with the resources they need as quickly as possible.”
“Hurricane Helene brought a level of devastation to South Carolina we haven’t seen since Hugo. With a natural disaster of this magnitude, Congress should take the opportunity to show leadership and help ease the pain of those who have lost everything,” said Senator Tim Scott. “Communities back home and in surrounding states have come together to recover, but it will take every possible effort to get us back to where we were.”
“Hurricanes Francine, Helene, and Milton hit us hard, but Louisianans and Americans are resilient,” said Dr. Cassidy. “This funding is essential to help small businesses recover from these storms and support our local economies.”
“We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds. This is especially important in the wake of Hurricanes Helene and Milton which devastated Florida, North Carolina and communities across the Southeast U.S.,” said Senator Rick Scott. “I continue to call on Leader Schumer to immediately reconvene the Senate so we can fund disaster relief functions at FEMA, the SBA, USDA and other agencies to get folks what they need and deserve. I won’t stop fighting to get this done and am proud to join my colleagues to introduce a bill that funds SBA disaster loans and makes sure the federal government is a reliable partner as families continue their recovery.”
The Restoring an Economic Lifeline with Immediate Emergency Funding (Relief) Act would appropriate $550 million to fund the SBA Disaster Loan Program Account, which would provide $2.475B in lending capacity projected to last until the end of 2024.
Read text of the bill HERE.
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