WILMINGTON, N.C. (WECT) – One of the organizations recently authorized to help home and business owners recover financially from potential Tropical Cyclone 8 has run out of funds.
A spokesperson for the Small Business Administration (SBA) said they received their normal amount of funding this year, but the damage caused by Hurricane Helene in the western part of the state was so widespread and so unexpected that they ran out of money. budget. More than 6,000 people applied for an SBA loan.
“We have released information that our SBA funds have been depleted and that is due to the impact of Helene,” said spokeswoman Donika Farnham. “You know, our funding is reserved at the beginning of the fiscal year and Helene has reached six states, very broadly speaking. Our resources have been dispersed. “We can’t distribute funds, which is unfortunate because there are people on the ground who aren’t getting the help they deserve.”
The agency is asking Congress for additional funding to help serve more people, including those affected by PTC 8, but Congress is in recess until November 12. They requested that Congress reconvene for an emergency session, which House Speaker Mike Johnson denied.
Farnham said the agency anticipates Congress will approve the additional funding; It’s just going to take a while.
“These are emergency and disaster relief funds,” Farnham said. “So it’s usually a high priority and usually doesn’t generate much pushback.”
In the meantime, they continue to encourage people affected by PTC 8 to go ahead and apply for loans.
“That way they’re in line because it still takes some time from application to disbursement for those funds to come to fruition,” Farnham said. “No one will be denied our inability to pay at this time. “We will have the funding, we just don’t have it right now.”
If people need immediate assistance, Farnham says there are state agencies that offer help:
As powerful storms become more frequent, Farnham says it might be time for the agency to get more funding annually.
That is something that will be taken into account for future funding,” Farnham said. “That, these are not just rare extreme events but, unfortunately, this could be the new norm. And we have to prepare for that as a nation.”]
there is a Disaster Loan Outreach Center with SBA workers in Brunswick County. People interested in the loan process are encouraged to apply there or ask questions. Closes permanently on Fridays at noon.
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