Less than 90 days after Hurricane Sandy struck, the SBA said itapproved more than $1.1 billion in disaster loans to 16,800residents and businesses in the federally declared states affectedby the storm.

The milestone comes as Congress passed emergency legislationthat will add $799 million to SBA's disaster assistance program budget to help meet thedemand for loans from Hurricane Sandy and future disasters, the SBAsaid Monday.

In terms of SBA disaster lending, Hurricane Sandy is the thirdlargest disaster in U.S. history, followed by HurricanesKatrina/Rita/Wilma (August/September 2005, $10.8 billion) and theNorthridge, Calif., earthquake (January 1994, $4 billion),according to the agency.

The SBA said it currently has a disaster staff of 2,400supporting the Sandy response in New York, New Jersey, Connecticut,Rhode Island, Maryland, Virginia, North Carolina and Puerto Rico,as well as assisting in recovery efforts for other disasters nationwide.

According to the SBA, the supplemental appropriations includedin that $799 million emergency relief package will be used in thefollowing ways:

• $520 million for disaster loan subsidy costs, which wouldsupport $5 billion in SBA low-interest disaster loans tohomeowners, renters, businesses and non-profit organizations, theagency said.
• $249 million to cover the administrative costs of SBA disasterloan making and servicing.
• $20 million to support SBA's resource partners – the SmallBusiness Development Centers, SCORE, Women's and Veterans BusinessDevelopment Centers – as they provide assistance to businessesrebuilding in the aftermath of Sandy.
• $10 million for additional administrative expenses, whichinclude IT security and financial management costs related to SBA'sHurricane Sandy response.