SBA Disaster Loan Program Exhausted: Biden's Alert on Funding Crisis
Tuesday, 15 October 2024, 21:36
SBA Disaster Loan Program Exhausted: Implications for Businesses
President Biden announced that the SBA disaster loan program is out of funds, critical for businesses and homeowners affected by recent hurricanes. With disaster recovery at stake, Biden highlighted the urgency of congressional action.
Funding Needs and Congressional Support
- Speaker Mike Johnson acknowledged the funding stress on the SBA program.
- Biden's administration urges swift funding replenishment for ongoing applications.
- Officials estimate a need for approximately $1.6 billion due to heightened demand.
Future Steps and Economic Impact
While the current funding is exhausted, Biden reassured that applications would continue to be processed. Congressional members are closely monitoring the situation and will address the funding needs upon their return.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.