Republicans unveil emergency bill to fund tapped-out disaster loan program 

Senate Republicans released legislation this week that aims to replenish funds for a key federal program that provides disaster loans to businesses and homeowners.

Sen. Thom Tillis (R-N.C.) led Sens. Ted Budd (R-N.C.), Tim Scott (R-S.C.), Bill Cassidy (R-La.), and Rick Scott (R-Fla.) in rolling out the bill on Tuesday. They’re pushing for passage of the measure, dubbed the Restoring an Economic Lifeline with Immediate Emergency Funding (RELIEF) Act, upon lawmakers’ return to Congress next month.

The bill seeks to put $550 million toward the Small Business Administration's (SBA) disaster loan program, which would allow for about $2.48 billion in “lending capacity projected to last until the end of 2024,” Tillis’ office said in a release detailing the measure. 

The bill comes weeks after President Biden said the program, which he described as a “critical lifeline to small businesses, homeowners, and renters affected by disasters,” had been exhausted after Hurricanes Helene and Milton.

Biden administration officials have been sounding the alarm about the program’s finances in recent weeks after it became clearer funds were in danger of running out before Congress is scheduled to return next month. 

A group of GOP senators recently pressed SBA officials for information about the funding lapse, including reporting regarding the disaster loan program and the spend rate.

Tillis said in a statement that the 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.”

Updated at 5:27 p.m. EDT