AUSTIN – Texas gov. Greg Abbott announced a new initiative Monday, making $50 million in loans available to Texas small businesses to help stay afloat through the coronavirus crisis.
Abbott was joined by Janie Barrera, President and CEO of LiftFund, and John Waldron, President and COO of Goldman Sachs, and a few small business owners to make the announcement.
During the news conference, Abbott announced that Goldman Sachs, LiftFund and other community-developed financial institutions would be partnering to give $50 million in loans to small businesses affected by COVID-19.
Here is what business owners need to know:
What is the loan?
The loan is part of the Goldman Sachs “10,000 Small Businesses” program. The loan is made through the U.S. Small Business Administration’s Paycheck Protection Program.
What can I use the loan for?
The loans will mostly be used for businesses to continue paying employees.