U.S. Sen. Thom Tillis (R-NC) is among a group of Republican senators that are introducing legislation to replenish the Small Business Administration (SBA) Disaster Loan Program.
In mid-October, the SBA announced that the Disaster Loan Fund had run out of money. The Restoring an Economic Lifeline with Immediate Emergency Funding (Relief) Act would appropriate $550 million to fund the SBA Disaster Loan Program Account, which would provide $2.475 billion in lending capacity projected to last until the end of 2024.
“The SBA Disaster Loan Program running out of funds risks delays in processing the loans of those affected by Helene and Milton and their ability to get their lives back on track,” Tillis said. “That is why I am leading legislation to replenish this fund when Congress returns to Washington, and I look forward to working across the aisle to pass a long-term disaster aid package that will provide additional resources to help make the victims of these hurricanes whole again.”
Along with Tillis, the bill is also sponsored by U.S. Sens. Ted Budd (R-NC), Tim Scott (R-SC), Bill Cassidy, M.D. (R-LA), and Rick Scott (R-FL).
“The citizens of Western North Carolina are some of the toughest and most resilient people in this country,” Budd said. “As they recover and rebuild their communities, they must be able to access disaster loans from SBA. This recovery will take many years, and I look forward to working with my colleagues to cut through the delays and provide WNC with the resources they need as quickly as possible.”
The senators plan to seek passage when Congress returns to session in November.