Abbott announces partnership with Goldman Sachs to provide $50 million in loans to small businesses

Posted at 11:42 AM, Apr 13, 2020
and last updated 2020-04-13 18:52:32-04

Governor Abbott announced a small business initiative in a press conference on Monday.

Abbott said that small businesses need a lifeline during this time. He said the state is collaborating with Goldman Sachs to provide $50 million in loans to small businesses. He said $25 million of that will be apart of the Lift Fund.

Abbott said these PPO loans will keep people employed in Texas. The Lift Fund said they will be going live with their application on their website later on Monday.

"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."

During the press conference, he emphasized the damage COVID-19 has done to Texas small businesses. He said that we have to keep Texans safe while restoring businesses.

He said he will release details later in the week on how Texas will reopen businesses safely. He said there will be a strategy of which types of businesses can began to open up.

Abbott said that this will not be an order to open everything right out of the gate.

In terms of unemployment claims, he said that last week, 400,000 claims had been filed. As of Monday, 1,130,000 claims have been files and $400 million dollars has been paid.

He added that COVID-19 hospitalizations and deaths are on the decline at this time.