Duval Times

Today, Senators Rick Scott and Thom Tillis announced the introduction of legislation to replenish the Small Business Administration (SBA) Disaster Loan Program. This follows the SBA's announcement on October 15th that its Disaster Loan Fund had depleted. The proposed Restoring an Economic Lifeline with Immediate Emergency Funding (Relief) Act would allocate $550 million to the SBA Disaster Loan Program Account, providing a lending capacity of $2.475 billion expected to last until the end of 2024.

Senator Rick Scott emphasized the importance of maintaining disaster relief funds for federal agencies like the SBA, especially after Hurricanes Helene and Milton affected Florida, North Carolina, and other parts of the Southeast U.S. "We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds," he stated. Senator Scott also called for Senate Majority Leader Chuck Schumer to reconvene the Senate promptly to fund these essential functions at FEMA, USDA, and other agencies.

Senator Thom Tillis highlighted the risks associated with delays in processing loans due to depleted funds: "The SBA Disaster Loan Program running out of funds risks delays in processing the loans of those affected by Helene and Milton." He expressed his commitment to working across party lines to pass comprehensive disaster aid.

Senator Ted Budd spoke about Western North Carolina's resilience in recovery efforts: "The citizens of Western North Carolina are some of the toughest and most resilient people in this country." He looks forward to expediting resources for recovery.

Senator Bill Cassidy acknowledged recent hurricane impacts: “Hurricanes Francine, Helene, and Milton hit us hard,” noting that funding is crucial for small business recovery and local economic support.

In addition to advocating for SBA funding, Senator Scott announced collaboration with Senator Rubio on a bill proposing $20 billion for FEMA’s Disaster Relief Fund. Floridians seeking assistance can visit Senator Scott's website or check updates from state emergency management channels.