Palmetto State News

U.S. Senator Tim Scott (R-S.C.) has announced plans to introduce legislation aimed at replenishing the Small Business Administration (SBA) Disaster Loan Program, which recently ran out of funds. Joining him in this initiative are Senators Thom Tillis (R-N.C.), Ted Budd (R-N.C.), Bill Cassidy, M.D. (R-La.), and Rick Scott (R-Fla.). The senators intend to seek passage of the legislation when Congress reconvenes.

“Hurricane Helene brought a level of devastation to South Carolina we haven’t seen since Hugo. With a natural disaster of this magnitude, Congress should take the opportunity to show leadership and help ease the pain of those who have lost everything,” said Senator Tim Scott. “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.”

Senator Tillis emphasized the urgency of replenishing the fund: “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.” He expressed his commitment to working across party lines for a long-term disaster aid package.

Senator Budd highlighted the resilience of Western North Carolina citizens: “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.”

Dr. Cassidy pointed out that recent hurricanes had severely impacted Louisiana: “Hurricanes Francine, Helene, and Milton hit us hard, but Louisianans and Americans are resilient.” He stressed the importance of funding for small business recovery.

Senator Rick Scott called for immediate action: “We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds... I continue to call on Leader Schumer to immediately reconvene the Senate so we can fund disaster relief functions at FEMA, the SBA, USDA and other agencies.”

The proposed Restoring an Economic Lifeline with Immediate Emergency Funding (Relief) Act would allocate $550 million for the SBA Disaster Loan Program Account. This allocation is expected to provide $2.475 billion in lending capacity through 2024.