Late last week, Governor Greg Abbott announced that Texas is now included as part of the U.S. Small Business Administration’s Economic Injury Disaster declaration, allowing qualifying businesses in the state access to the loan program. SBA Public Information Officer for the Office of Disaster Assistance Susheel Kumar, whose district includes Texas, explained in an interview that the program allows for loans up to $2 million with interest rates for small businesses at 3.75 percent, while nonprofits are at 2.75 percent. Repayment plans can be up to 30 years, but the exact terms are decided case-by-case. The first payment for the loan doesn’t start until 12 months have elapsed, Kumar said. “The economic disruption has caused a strain on supply chains nationwide,” Kumar said. Kumar said that the SBA has received “significant volumes” of applications, but did not venture to estimate how many since he does not have the numbers yet. He also said there have been a number of loan approvals, as well. The term “small business” can mean a variety of things. Kumar said that often how the SBA determines which businesses are deemed “small” depends on a variety of factors, including the industry, amount of average annual receipts and number of employees, among other factors. The SBA’s definition for various industries can be found here. Click to read more at www.wfaa.com.