**Federal Disaster Aid Nearly Exhausted as Congress Faces Urgent Call to Act**

The federal program aimed at assisting small businesses impacted by hurricanes and natural disasters is on the brink of depletion, with only $1.6 billion left. This remaining funding is forecasted to last just a few more weeks without emergency action from Congress. According to several sources within the Biden administration and Congress, there is a significant chance that the funds will be exhausted by the end of this month.

Hurricane Helene's devastating impact has placed immense pressure on the Small Business Administration's (SBA) disaster loan fund. Reports reveal that the SBA has been receiving over 3,000 applications for aid daily since the hurricane's destruction in the Southeast. One administration official expressed concerns that current funds would not suffice until Congress reconvenes following the November elections.

The urgency of the situation was highlighted in a recent memo from President Biden to Republican congressional leaders. "I warned the Congress of this potential shortfall even before Hurricane Helene landed on America's shores. I requested more funding for SBA multiple times over the past several months," Biden stated. He also emphasized the increased urgency of the matter in the memo.

Despite the federal government's previous attempts to address potential shortfalls, Congress did not allocate additional funding for the disaster program in the short-term spending bill passed in September. This has led to heightened concerns that the funds may run out before Congress returns on the week of November 12.

Senate Majority Leader Chuck Schumer's spokesperson commented that he is currently awaiting detailed assessments from ground agencies. Meanwhile, Rep. Jared Moskowitz, a Democrat from Florida, criticized Congress for its lack of proactive measures before taking a long recess during hurricane season. He announced plans to introduce an emergency bill to increase funding for the SBA programs.

Sen. Rick Scott, a Republican from Florida, mentioned that he had discussed with President Biden the necessity of Congress reconvening quickly to approve new federal aid for Hurricane Helene's aftermath. Scott urged Majority Leader Schumer to expedite the Senate's return once necessary assessments are done, aiming to pass essential disaster funding legislation without delay.

The SBA's disaster loans are crucial for covering losses that other insurance does not, including damage to property, machinery, and inventory. These loans offer interest-free terms for the first year and do not require repayments in the initial year after issuance.

In 2023, the SBA lent almost $3 billion nationwide to disaster survivors, including over $670,000 for small businesses and more than $2.3 million for homeowners and renters. A bipartisan group of senators from states affected by recent hurricanes, such as Florida, Virginia, Georgia, and North Carolina, have advocated for Congress to potentially reconvene in October to ensure timely legislative action.

House Speaker Mike Johnson, addressing the situation on "Fox News Sunday," noted that calculating the full extent of hurricane damage takes considerable time. Nonetheless, the urgency remains, as federal disaster relief efforts hinge on quick and decisive action from Congress.