AUSTIN (Talk1370.com) -- Texas' small businesses will be able to access a new set of loans under the government's Paycheck Protection Program, Gov. Greg Abbott announced Monday.
The program will provide $50 million in loans, in part through Goldman Sachs and San Antonio-based LiftFund. Abbott made the announcement from the State Capitol Monday, joined by Goldman Sachs President and COO John Waldron and LiftFund President and CEO Janie Barrera.
The loans under the PPP are primarily for payroll, allowing businesses to continue to retain and pay employees. The loans are then partially or wholly forgiven, if the funds are used within the terms of the program.
"Small businesses and their employees are at the heart of the Texas economy, and they need support during these difficult times,” Abbott said. “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."
More details on the Texas program are available on the LiftFund website.
