Governor Greg Abbott has just announced that Goldman Sachs, the LiftFund, and other community development financial institutions, are partnering to provide $50 million in loans to small businesses in Texas that have been affected by COVID-19. These loans will be made through the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) and primarily be used for payroll so that employees can continue to receive paychecks. Now small businesses are able to retain their employees and loans will be partially or wholly forgiven.
“Small businesses and their employees are at the heart of the Texas economy, and they need support during these difficult times,” said Governor Abbott. “These loans will help us revitalize our economy and restore Texans’ livelihoods as we respond to COVID-19. I thank Goldman Sachs and the LiftFund for providing this lifeline to Texas small businesses and their employees by providing them with the support they need to overcome the challenges posed by COVID-19. This partnership is an important first step in our journey to economic recovery in the state of Texas.”
“We have seen first-hand the determination and resilience of small business owners in Texas, having worked alongside them for years through our 10,000 Small Businesses program,” said John Waldron, President and Chief Operating Officer of Goldman Sachs. “Goldman Sachs understands that our communities and economy rely on small business and we are doing everything we can to support this vital engine of economic growth and employment.”
Goldman Sachs will provide the capital as part of its $550 million commitment to COVID-19 relief, and LiftFund, alongside other CDFIs, will administer the funding to qualified small businesses. If all stipulations are met, small business can have their loans forgiven in full by the SBA. Business owners can apply for a PPP loan and find more information about the program on the LiftFund website.
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