“The Small Business Administration’s disaster loan program, which is a critical lifeline to small businesses, homeowners, and renters affected by disasters, has been exhausted,” Biden said in a statement. “Speaker Johnson has promised that this and other disaster programs will be replenished when Congress returns, so Americans should continue to apply for these loans. SBA will continue to process applications and will disburse loans as soon as Congress provides the needed funding.”

Speaker Mike Johnson (R-La.) has said the House would consider bipartisan disaster funding legislation upon its return, but previously said that the SBA funding crunch did not require lawmakers to return to Washington early.

Agency Administrator Isabel Guzman wrote to Congress last week, before Hurricane Milton tore through parts of Florida, to warn of an impending shortfall. The agency then had less than $50 million in loan authority, which was rapidly exhausted when new applications came in after that storm.

The SBA issues loans worth as much as $100,000 for renters, $500,000 for homeowners and $2 million for business owners.

Biden wrote to congressional leaders earlier in the month urging them to send new resources to the SBA before lawmakers’ recess period ends. That would require Congress to convene early — something leaders of both parties are loath to do in the middle of campaign season — or approve funding with the unanimous approval of all 535 members of the House and Senate. That would be an even more unlikely possibility, though one that could be logistically possible even without most members returning to Washington.