State announces $50 million loan program for small businesses in Texas

Loans will be partially or wholly forgiven and primarily used for payroll

SAN ANTONIO – A partnership between Goldman Sachs and the LiftFund is helping put $50 million into the Texas economy with small loans to businesses that will be “partially or wholly forgiven,” according to a press release.

Gov. Greg Abbott made the announcement Monday during a news conference and said the loans “will help us revitalize our economy and restore Texans’ livelihoods as we respond to COVID-19.”

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Goldman Sachs is providing the $50 million loan as part of the company’s $550 million pledge to COVID-19 relief. San Antonio will receive $25 million of those funds, according to Janie Barrera, president and CEO of LiftFund.

The funds will be made available through the Paycheck Protection Program via the CARES Act, said Goldman Sachs president John Waldron at Monday’s news conference.

“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," Waldron said.

Applications for small business loans can be made at LiftFund.com.

The loans “will primarily be used for payroll so that employees can continue to receive paychecks, and small businesses can retain their employees,” according to the release.

"Small businesses and their employees are at the heart of the Texas economy, and they need support during these difficult times,” Abbott said.

COVID-19, the respiratory disease caused by the new virus, stands for coronavirus disease 2019. The disease first appeared in late 2019 in Wuhan, China, but spread around the world in early 2020, causing the World Health Organization to declare a pandemic in March.

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