Authored by Aldgra Fredly via The Epoch Times (emphasis ours),
President Joe Biden urged Congress on Friday to expedite funding for the Small Business Administration’s (SBA) disaster loan program, warning that it will run out of money within weeks amid ongoing recovery efforts in the aftermath of Hurricane Helene.
In a letter to Congress on Oct. 4, Biden warned that the SBA’s disaster loan program will run out of funding “in a matter of weeks and well before the Congress is planning to reconvene.”
“I warned the Congress of this potential shortfall even before Hurricane Helene landed on America’s shores,” the president stated, adding that he had requested more funding for SBA “multiple times” in the past months.
“Small businesses and individuals in affected areas depend on disaster loans as a critical lifeline during difficult times,” he said. “The Congress must act to restore this funding.”
The president did not specify the amount needed to replenish the disaster loan program.
The SBA offers low-interest loans to businesses, homeowners, and renters affected by declared disasters. Its loan program provides affected homeowners with up to $500,000 to repair their primary residence, and up to $2 million for businesses to cover disaster-related losses.
In his letter, Biden stated that while the Federal Emergency Management Agency’s (FEMA) disaster relief fund has sufficient resources to meet its immediate needs for Hurricane Helene response efforts, it could face a shortfall by the end of the year.
FEMA and the Department of Defense have been carrying out “critical life-saving and life-sustaining missions” due to impacts from Hurricane Helene, which made landfall as a Category 4 hurricane on Sept. 26.
Biden said that FEMA will continue to perform its missions “within present funding levels” but urged Congress to provide additional resources.
“Without additional funding, FEMA would be required to forego longer-term recovery activities in favor of meeting urgent needs,” the president stated.
Biden traveled to North Carolina, South Carolina, Florida, and Georgia this week to tour areas severely impacted by the storm, which caused heavy flooding and widespread power outages.
Homeland Security Secretary Alejandro Mayorkas said on Oct. 2 that FEMA does not have enough money to make it through the hurricane season.
“We are meeting the immediate needs with the money that we have,” Mayorkas told reporters aboard Air Force One on Oct. 2.
Hurricane Helene barreled through the Southeast last week, making landfall in Florida’s Big Bend region. The storm hammered Florida’s Gulf Coast with record storm surges and brutal winds before pommeling the rest of the region with historic flooding, wiping out entire towns.
More than 150,000 households have registered for FEMA assistance, according to Frank Matranga, an agency representative. That number is expected to climb as rescue and recovery efforts continue.
Samantha Flom and the Associated Press contributed to this report.
Authored by Aldgra Fredly via The Epoch Times (emphasis ours),
President Joe Biden urged Congress on Friday to expedite funding for the Small Business Administration’s (SBA) disaster loan program, warning that it will run out of money within weeks amid ongoing recovery efforts in the aftermath of Hurricane Helene.
In a letter to Congress on Oct. 4, Biden warned that the SBA’s disaster loan program will run out of funding “in a matter of weeks and well before the Congress is planning to reconvene.”
“I warned the Congress of this potential shortfall even before Hurricane Helene landed on America’s shores,” the president stated, adding that he had requested more funding for SBA “multiple times” in the past months.
“Small businesses and individuals in affected areas depend on disaster loans as a critical lifeline during difficult times,” he said. “The Congress must act to restore this funding.”
The president did not specify the amount needed to replenish the disaster loan program.
The SBA offers low-interest loans to businesses, homeowners, and renters affected by declared disasters. Its loan program provides affected homeowners with up to $500,000 to repair their primary residence, and up to $2 million for businesses to cover disaster-related losses.
In his letter, Biden stated that while the Federal Emergency Management Agency’s (FEMA) disaster relief fund has sufficient resources to meet its immediate needs for Hurricane Helene response efforts, it could face a shortfall by the end of the year.
FEMA and the Department of Defense have been carrying out “critical life-saving and life-sustaining missions” due to impacts from Hurricane Helene, which made landfall as a Category 4 hurricane on Sept. 26.
Biden said that FEMA will continue to perform its missions “within present funding levels” but urged Congress to provide additional resources.
“Without additional funding, FEMA would be required to forego longer-term recovery activities in favor of meeting urgent needs,” the president stated.
Biden traveled to North Carolina, South Carolina, Florida, and Georgia this week to tour areas severely impacted by the storm, which caused heavy flooding and widespread power outages.
Homeland Security Secretary Alejandro Mayorkas said on Oct. 2 that FEMA does not have enough money to make it through the hurricane season.
“We are meeting the immediate needs with the money that we have,” Mayorkas told reporters aboard Air Force One on Oct. 2.
Hurricane Helene barreled through the Southeast last week, making landfall in Florida’s Big Bend region. The storm hammered Florida’s Gulf Coast with record storm surges and brutal winds before pommeling the rest of the region with historic flooding, wiping out entire towns.
More than 150,000 households have registered for FEMA assistance, according to Frank Matranga, an agency representative. That number is expected to climb as rescue and recovery efforts continue.
Samantha Flom and the Associated Press contributed to this report.
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