GOV. ABBOTT ANNOUNCES $50 MILLION INITIATIVE FOR SMALL BUSINESSES

  

Governor Greg Abbott announced today (Monday) that $50 million in loans will be provided to small businesses across Texas that have been affected by COVID-19.

According to Abbott, Goldman Sachs and LiftFund are partnering with other community development financial institutions to donate $50 million in loans, which will be distributed through the U.S. Small Business Administration’s Paycheck Protection Program.

The loans will primarily be used for payroll so that employees can continue to receive compensation and small businesses can keep their employees.  The loans are designed to be partially or completely forgiven, as long as certain criteria are met.

Abbott said small businesses and their employees are “at the heart of the Texas economy, and they need support during these difficult times”.  He said these loans will help the state revitalize its economy and give Texans back their livelihoods as the state continues its COVID-19 response.

Applications for the program are now available online at www.liftfund.com.

Abbott said he plans to issue an executive order sometime this week concerning plans to reopen businesses across the state.  He did not give specifics on the order at today’s meeting, but did say the state is focusing on “protecting lives while restoring livelihoods”.