North Charlotte Today

Senator Thom Tillis (R-NC) has announced plans to introduce legislation aimed at replenishing the Small Business Administration (SBA) Disaster Loan Program. The announcement, made alongside Senators Ted Budd (R-NC), Tim Scott (R-SC), Bill Cassidy, M.D. (R-LA), and Rick Scott (R-FL), comes in response to the depletion of the SBA Disaster Loan Fund as declared on October 15th.

Senator Tillis previously expressed urgency in an op-ed for The Hill, emphasizing the importance of the SBA's disaster recovery programs for victims of Hurricanes Helene and Milton. He stated that these programs provide essential low-interest loans for property replacement and business rebuilding.

"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," said Senator Tillis. He highlighted his commitment to introducing legislation to replenish the fund upon Congress's return.

Senator Budd emphasized the resilience of Western North Carolina residents, stating, "As they recover and rebuild their communities, they must be able to access disaster loans from SBA." He pledged support for swift action to provide necessary resources.

In South Carolina, Senator Tim Scott compared Hurricane Helene's devastation to that caused by Hurricane Hugo. He called for congressional leadership in aiding recovery efforts: "Communities back home and in surrounding states have come together to recover, but it will take every possible effort to get us back to where we were."

Dr. Cassidy noted the impact of recent hurricanes on Louisiana and other areas, asserting that funding is crucial for small business recovery: "This funding is essential to help small businesses recover from these storms and support our local economies."

Senator Rick Scott stressed the need for continuous federal support following Hurricanes Helene and Milton: "We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds." He urged Senate Leader Schumer to reconvene promptly for disaster relief funding discussions.

The proposed Restoring an Economic Lifeline with Immediate Emergency Funding (Relief) Act seeks $550 million in appropriations for the SBA Disaster Loan Program Account. This would enable a lending capacity of $2.475 billion expected to last through 2024.