Central Louisiana News

U.S. Senators Bill Cassidy, Thom Tillis, Ted Budd, Tim Scott, and Rick Scott have announced their intention to introduce the Restoring an Economic Lifeline with Immediate Emergency Funding (Relief) Act. This legislation aims to replenish the U.S. Small Business Administration (SBA) Disaster Loan Program after it ran out of funds on October 15th. The senators plan to seek passage of this legislation when Congress reconvenes.

Senator Cassidy emphasized the importance of this funding for small businesses affected by recent hurricanes: "Hurricanes Francine, Helene, and Milton hit us hard, but Louisianans and Americans are resilient," he stated. "This funding is essential to help small businesses recover from these storms and support our local economies."

Senator Tillis highlighted 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 said. He expressed his commitment to working across party lines for a long-term disaster aid package.

Senator Budd acknowledged the resilience of Western North Carolina residents: "The citizens of Western North Carolina are some of the toughest and most resilient people in this country," he noted. He stressed the need for swift access to disaster loans for recovery efforts.

Senator Tim Scott described Hurricane Helene's impact on South Carolina as unprecedented 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," he remarked.

Senator Rick Scott underscored the necessity for federal agencies like SBA to maintain disaster relief funds: "We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds," he asserted. He urged Senate Leader Schumer to reconvene immediately for funding essential relief functions.

The Relief Act proposes an appropriation of $550 million for the SBA Disaster Loan Program Account, which would enable $2.475 billion in lending capacity expected to last until year-end 2024.