SE North Carolina News

Senators Ted Budd and Thom Tillis, both representing North Carolina, have announced their intention to introduce a bill aimed at replenishing the Small Business Administration (SBA) Disaster Loan Program. This move comes after the SBA disclosed on October 15th that its Disaster Loan Fund had been depleted.

In a statement, Senator Budd emphasized the resilience of Western North Carolina residents, noting their need for access to disaster loans as they rebuild. "This recovery will take many years," he stated, expressing his commitment to ensuring resources are delivered promptly.

Senator Tillis highlighted the urgency of addressing the fund's depletion, particularly in light of recent hurricanes. He said, "The SBA Disaster Loan Program running out of funds risks delays in processing the loans of those affected by Helene and Milton." He is leading efforts to pass legislation replenishing these funds and seeks bipartisan support for a comprehensive disaster aid package.

Senator Bill Cassidy also commented on the situation, referencing Hurricanes Francine, Helene, and Milton. He noted that while these storms were severe, Americans' resilience necessitates funding to aid small business recovery.

Senator Rick Scott underscored the importance of maintaining disaster relief funds for federal agencies like the SBA. He urged Senate Leader Schumer to reconvene Congress to address funding needs across multiple agencies impacted by recent hurricanes in Florida and other southeastern states.

The proposed legislation aims to ensure continued support for communities affected by natural disasters through timely financial assistance from federal programs.