The Small Business Administration (SBA) announced it exhausted funds for its disaster loan program and will need to pause new loan offers for its direct, low-interest, long-term loans to disaster survivors until Congress appropriates additional funds.
However, SBA said individuals and small businesses can still apply for loans, noting it received guarantees from congressional leaders that additional funding will be provided when Congress returns into session next month. The SBA will continue loan processing operations including supporting current borrowers and new applicants.
SBA can make disaster loans up to $500,000 to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters can be eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property. Businesses may be eligible for loans up to $2 million for both physical damage and economic injury from business disruption.
“We know that swift financial relief can help communities recover quickly to stabilize local economies,” said Administrator Isabel Casillas Guzman. “While we await Congress to provide much-needed funding, we strongly encourage eligible businesses and households to apply for SBA disaster loans. SBA will continue to support homeowners, renters, businesses and nonprofits in processing their applications to ensure they receive assistance quickly once funds are replenished.”
Photo: Florida Fish and Wildlife Service / Flickr Creative Commons
;
This reminds me of the Seinfeld sketch, You can take the reservation, but can you hold the reservation? Anyone can take a reservation…
You can take the loan but can you provide the loan?
Meanwhile billions to Ukraine, illegals & Israel. Just STFU, get in line and may be, just may be you’ll get $750! If not, you’re disqualified cuz you’re too white, too privileged, and a citizen of USA.