'Little margin for error': Emergency loan applications piling up in hurricane-battered NC

In October, climate change activists were deeply disturbed when the southeastern United States — not long after being battered by Hurricane Helene — suffered an even more dangerous storm: Hurricane Milton. The fact that the southeastern states suffered two devastating hurricanes back to back, scientists and activists warned, shows how great an emergency climate change is.

Florida, North Carolina and other states have experienced a slow and difficult recovery following Helene. And according to CBS News reporter Scott MacFarlane, North Carolina has been troubled by a backlog of emergency loan applications after a "standoff in Congress."

MacFarlane, in an article published on November 24, reports, "Helene ransacked western North Carolina on September 27, leaving a path of devastation, death and an economic calamity from which the state will need years to recover. A standoff in Congress has indefinitely delayed efforts to replenish the U.S. Small Business Administration's disaster loan fund, which offers emergency loans to help homeowners and businesses rebuild damaged properties."

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MacFarlane adds, "The loans are also used to help upgrade homes and businesses to prevent against future storm damage. The money can also be used to help offset the loss of sales during business closures."

The Biden Administration, according to MacFarlane, warned that federal funding for the loans would be gone by October. But the funding, the CBS News journalist reports, has yet to be replenished.

"Upon its return from its recess last week," MacFarlane explains, "the Senate held a hearing to discuss plans for future funding of the loan program. But no legislation has been drafted, nor has a date been set to vote on any measure to restore the money."

Conservative Sen. Ted Budd (R-North Carolina) told CBS News that the funding "was needed yesterday."

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Similarly, Mike Hawkins, who owns a restaurant in Brevard, North Carolina that was badly damaged by Helene, told CBS News, " These aren't just numbers on paper, it's real money. It's our livelihoods…. Small businesses have such little margin for error,"

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Read CBS News' full report at this link.