John Kerry Requests $720 Million for Small Business Hurricane Relief
October 14th, 2005
John Kerry led a bipartisan group of Senators today in “urging the White House’s Office of Management and Budget (OMB) to redirect $720 million of the $62 billion already appropriated by Congress for the hurricane recovery effort. The funding would be designated specifically for small business relief.”
Since Hurricane Katrina hit, the Small Business Administration has received nearly 10,500 applications for small business loans. Fewer than 50 have been approved.
“How can the Administration claim to support small businesses without designating a dime of the $62 billion in hurricane relief funds for small businesses?” Kerry said. “Given the administration’s woeful record of delivering loans and assistance to small businesses devastated by the hurricanes, there needs to be real resources provided to ensure small companies get the grants, loans and assistance they so desperately need. It makes no sense leaving billions of dollars lying around when small business owners and the thousands they employ are struggling to make ends meet and put their lives back together.”
According to the latest weekly report from the Department of Homeland Security, $42 billion of the $62 billion appropriated for the relief efforts have not been obligated for specific needs. Of the $720 million the Senators are requesting for small businesses, $450 million would go directly to the affected states, and $270 million would go to strengthen and expand assistance provided by the Small Business Administration and its resource partners.
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