Small Businesses in Hurricane's Path: Loan Help at Risk

Hurricane Helene left a trail of destruction, and small businesses in its path are feeling the pinch. The government's Small Business Administration (SBA) is offering disaster loans, but they might run dry soon. President Biden warned that if Congress doesn't approve more funds, the SBA could be out of money in just a few weeks. Meanwhile, another hurricane, Milton, is on its way to Florida. The SBA said they'll keep helping with loan processing, but new offers might be delayed if the money runs out. SBA Administrator Isabel Casillas Guzman hopes Congress will step in to keep the loans flowing.

Businesses can apply for two types of loans. One is for fixing up physical damage, like buildings or equipment. The other is for covering financial losses during the recovery. The deadlines vary, and interest rates are pretty low. Homeowners and renters can also get loans to fix their homes or replace personal stuff. Business owners can apply online, and there's more info on the SBA's website. Plus, states like Florida are offering their own emergency loan programs.

Actions