Scott Introduces Bill to Replenish Disaster Loan Program

Senator Rick Scott (R-FL) has joined Senator Thom Tillis (R-NC) in introducing the Restoring an Economic Lifeline with Immediate Emergency Funding (RELIEF) Act. The Small Business Administration (SBA) announced on Oct. 15 that the Disaster Loan Program had run out of money. This program grants low-interest loans to homeowners and businesses affected by declared disasters.

Sens. Scott and Tillis’ bill would appropriate $550 million to fund the SBA Disaster Loan Program, providing $2.475 billion in lending capacity until the end of 2024.

The Florida senator said the loan program running out of funding cannot happen.

“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.,” said Sen. Scott.

He also doubled down on his request for Senate Majority Leader Chuck Schumer (D-NY) to reconvene the upper chamber to pass disaster relief funding.
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,” said Sen. Scott. “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.”

Furthermore, Sen. Tillis said he was reading to work “across the aisle” in order to get the necessary funding for programs such as SBA’s Disaster Loan Program.

“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,” said Sen. Tillis. “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.”

Senators Ted Budd (R-NC) and Bill Cassidy (R-LA) joined in the effort as well.