Gov. Abbott announces $50 Million in loans for Texas small busin - FOX34 Lubbock
Gov. Abbott announces $50 Million in loans for Texas small businesses
AUSTIN, Texas -
Goldman Sachs is backing $50 million worth of loans for small businesses in Texas.
Funds will be distributed through the Small Business Administration's Paycheck Protection Program.
In a Zoom call with Goldman executive, Gov. Abbott emphasized this will be aimed at paying employees. The loans can be either partially, or wholly forgiven, as long as an employer avoids laying off or firing workers.
"Texas is focused on its neighborhood businesses, and wants to ensure they receive the capital they need -- from the big cities all the way to the rural areas," Goldman Sachs President John Waldron said. "I am heartened by the stories i am hearing about what small businesses in Texas are doing to keep people employed and help their communities during this pandemic."
These loans are part of a half-billion dollar initiative Goldman Sachs is instituting nation-wide.
"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."