WASHINGTON, D.C. – Today, following the October 15^th announcement where the SBA announced the Disaster Loan Fund had run out of money, Senator Rick Scott joined Senator Thom Tillis, along with Senators Ted Budd, Tim Scott and Bill Cassidy, M.D. to announce the upcoming introduction of legislation that would replenish the Small Business Administration (SBA) Disaster Loan Program. The senators plan to seek passage of the legislation when Congress returns to session. The Restoring an Economic Lifeline with Immediate Emergency Funding (Relief) Act would appropriate $550 million to fund the SBA Disaster Loan Program Account, which would provide $2.475B in lending capacity projected to last until the end of 2024.

Senator Rick Scott said, “We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds. This is especially important in the wake of Hurricanes Helene and Milton which devastated Florida, North Carolina and communities across the Southeast U.S. 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 to get folks what they need and deserve. I won’t stop fighting to get this done and am proud to join my colleagues to introduce a bill that funds SBA disaster loans and makes sure the federal government is a reliable partner as families continue their recovery.”

Senator Thom Tillis said, “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. That is why I am leading legislation to replenish this fund when Congress returns to Washington, and I look forward to working across the aisle to pass a long-term disaster aid package that will provide additional resources to help make the victims of these hurricanes whole again.”

Senator Ted Budd said, “The citizens of Western North Carolina are some of the toughest and most resilient people in this country. 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 to cut through the delays and provide WNC with the resources they need as quickly as possible.”

Senator Bill Cassidy said, “Hurricanes Francine, Helene, and Milton hit us hard, but Louisianans and Americans are resilient. This funding is essential to help small businesses recover from these storms and support our local economies.”

Read text of the bill HERE.

Senator Scott is leading the call for Majority Leader Chuck Schumer to immediately reconvene the Senate and fund disaster relief. On top of urging for the funding of disaster aid at SBA, Senator Scott announced a bill with Senator Rubio to provide $20 billion for FEMA’s Disaster Relief Fund to ensure the agency has what it needs to provide immediate aid to communities. Senator Scott encourages all Floridians to visit his website at www.rickscott.senate.gov/contact/casework for information or help with federal agencies like FEMA and the SBA, following Hurricanes Milton and Helene. Find more on state response efforts from the Florida Division of Emergency Management at floridadisaster.org or @FLSERT.

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