Small businesses in Texas can now apply for $50 million in loans to help during the COVID-19 pandemic, Gov. Greg Abbott said at a news conference Monday.
Governor Abbott said $25 million of the loans come from a partnership between Goldman Sachs and LiftFund, a San Antonio-based nonprofit that provides small business lending. Loans will be distributed in Texas through the payroll protection program, said John Waldron, Goldman Sachs president and chief operating officer. Applications are available on LiftFund’s website.
Governor Abbott also said he will lay out plans to begin safely reopening Texas businesses later this week.
“I’m going to introduce Texas to a comprehensive team that will carefully evaluate what must be done for Texas to open back up and ensuring what we’re doing is consistent with data, with medical analysis, and what types of business should reopen,” Governor Abbott said. “Only businesses that will have zero impact on the spread of the coronavirus will be opened first.”
If you need help navigating the various assistance programs available during the national and state public health emergencies, the Texas Medical Association has published a COVID-19 Practice Viability Toolkit that includes a section on cash flow, including Small Business Administration (SBA) loan assistance, lines of credit, payment deferrals, loan refinancing, and loans from private banks.
TMA has also created a webinar that explains how to keep your practice afloat, including talking to your certified public accountant (CPA) about available tax credits, whether you should open a line of credit at your bank, or apply for an SBA loan. The webinar is accredited for 0.75 AMA PRA Category 1 Credits™.
You can find the toolkit, and other tools, resources, and information on the practice viability section of the TMA COVID-19 Resource Center.
Last Updated On
April 13, 2020