Newswise — The Small Business Administration’s (SBA) disaster loan program has run out of funds, temporarily halting new loans for hurricane survivors until Congress provides additional funding.
The SBA’s $1.6 billion shortfall affects renters, homeowners, and businesses, but existing loan recipients will continue receiving payments. Congress is expected to address the issue when it reconvenes after the November elections.
Faculty experts at the George Washington University are available to offer insight, analysis and commentary on this matter. If you would like to speak with an expert, please contact GW Media Relations Specialists Tayah Frye at [email protected] and Cate Douglass Restuccio at [email protected].
Joe Cordes is professor of Economics, public policy and public administration, and international affairs and a co-director of the George Washington Regulatory Studies Center. Cordes was a Brookings Economic Policy fellow in the Office of Tax Policy in the U.S. Department of the Treasury, and served as a senior economist on the Treasury's Tax Reform project. He has been a consultant to the Washington, DC Tax Revision Commission, the RAND Corporation, and numerous government agencies including the Congressional Budget Office, Internal Revenue Service Office of Research, the U.S. Treasury Department, National Institute of Standards and Technology, and the National Research Council. Cordes can provide commentary and background on federal agencies and funding.
Kathy Korman Frey is an industry instructor of entrepreneurship and director of the Center For Entrepreneurial Excellence at the GW School of Business (GWSB). She helped develop and currently teaches Women’s Entrepreneurial Leadership at GWSB. She is an expert on entrepreneurship, women and business, venture funded start-up, and market and acquisition (buy-side) research. Frey can speak to the resiliency of small business owners and the impacts they may be facing directly. She adds that small businesses make up half of the economy and small business’s first 100 days plans are going to be critical.
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