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WASHINGTON – Today, House Small Business Committee Ranking Member Nydia M. Velázquez (D-NY), Rep. Judy Chu (D-CA), Rep. Morgan McGarvey (D-KY), Rep. Hillary Scholten (D-MI), Rep. Chris Pappas (D-NH), and Rep. Shri Thanedar (D-MI) issued the following statement after the Small Business Administration (SBA) announced it had exhausted funding for new disaster loans:

“This is a desperate time for millions of Americans across the United States Southeast. Hurricanes Helene and Milton have devastated states across the South. Homes, businesses, places of worship, civic centers, and local infrastructure have been destroyed in countless cities and towns across these states. Lives have already been lost, and for those who survived the storms, it will take months—if not years--to rebuild.

“Along with the Federal Emergency Management Agency, the SBA is one of the first federal agencies to deploy to disaster recovery areas to help communities rebuild. Since these hurricanes hit, SBA has been working around the clock to provide disaster assistance in the form of loans to homeowners, renters, nonprofits, and businesses of all sizes.

“Today’s announcement that the SBA has exhausted funds for its disaster loan program jeopardizes the recovery of communities across the South. Committee Democrats continue to work with the Administration and appropriators on providing the SBA with additional funding resources.

“We urge Speaker Mike Johnson to call the House back into session so we may begin to work on, a bipartisan basis, the SBA’s request for additional disaster funding. The time to act is now. In the meantime, the Committee remains active in pursuing other means, including the reprogramming of appropriated funds, to ensure there is no gap in service in the disaster loan program.

“Recovery from natural disasters is a nonpartisan issue, and our fellow Americans living in these impacted areas are looking to us to help provide them with the assistance they need to get their lives and businesses back on track.”

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