COVID - 19 Assistance
Governor Abbott, Goldman Sachs, LiftFund Announce $50 Million in Loans For Texas Small Businesses
Governor Greg Abbott announced that Goldman Sachs and the LiftFund, along with other community development financial institutions (CDFIs), are partnering to provide $50 million in loans to small businesses in Texas that have been affected by COVID-19 as part of the Goldman Sachs 10,000 Small Businesses program. These loans, made through the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP), will primarily be used for payroll so that employees can continue to receive paychecks and small businesses can retain their employees and will be partially or wholly forgiven.
The link to the LiftFund guidelines and application can be found HERE
The CARES Act:
If you’re a small business owner with 500 employees or less, you might be asking ‘How does the CARES Act help me keep my doors open and my employees on the payroll?’
- Provides $377 billion in emergency relief for small businesses, including restaurants, bars, hardware stores, and nail salons, as well as those who are sole proprietors or self-employed.
- Allows 8-weeks of loan forgiveness for expenses that include payroll, rent, mortgage interest, and utilities.
- Takes meaningful steps to quickly get liquidity to businesses in order to stabilize our economy and protect jobs in Texas and across the country.
This emergency relief was specifically designed for job creators to be able to hire back their employees and keep the lights on. If that loan is used for payroll, rent, or utilities – it’ll be forgiven in year.
TOOLS AND RESOURCES FOR SMALL BUSINESSES AND JOB CREATORS
The Small Business Administration (SBA) is providing emergency relief for small businesses through community banks and/or approved small business lenders. A short summary of the SBA loans are below:
- Economic Injury Disaster Loan Program: Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).
- Express Bridge Loan Pilot Program: Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.
The links below help explain the state and federal funds that are available either by grants or low-interest loans
- COVID-19 Disaster Proclamation
- Declaration of Public Health Disaster Dr Hellerstedt
- Executive Order GA-18 Reopening Business
- GA-09 Hospital Capacity COVID-19
- GA-10 Daily Reporting of COVID-19
- GA-11 Airport Travel Reporting COVID-19
- GA-12 Quarantine of Certain Road Travelers
- GA-14 Statewide Essential Service and Activity COVID-19
- Joint Press Release- Essential Businesses 4-1-2020
- Paycheck Protection Program Application (v1)
- Paycheck Protection Program Fact Sheet
- Paycheck Protection Program Lender Information Fact Sheet
- Paycheck Protection Program Overview
- Senator John Cornyn Small Business Resources
- Senator John Cornyn Supporting Texas Small Business COVID19
- Small Business Owner Guide to the CARES Act