NEW YORK (AP) — The Small Business Administration has run out of money for the disaster assistance loans it offers small businesses, homeowners and renters, delaying much needed relief for people applying for aid in the wake of the destruction caused by Hurricanes Helene and Milton.

The Small Business Administration has "exhausted funds for its disaster loan program" following increased demand as officials respond to Hurricanes Helene and Milton, the SBA announced Tuesday. Why it matters: President Biden said in a statement first shared with the Washington Post that the program is "a critical lifeline to small businesses,

Before it ran out of funding the SBA had approved more than 700 loans related to Hurricane Helene totaling about $48 million.