Gov. Abbott Announces a $500 Million Small Business Initiative

Saying "Texans need relief so they can provide for their families and meet their families' daily needs," Gov. Abbott announced this morning his Small Business initiative in cooperation with Goldman Sachs, the San Antonio-based non-profit LiftFund and other community development financial institutions.

The group pledged $50 million in Texas for businesses affected by the COVID-19 shutdowns. The bulk of the money is designed to keep employees retained and receiving paychecks.

"What they need most is an economic lifeline," Abbott said.

John Waldron, president and chief operating officer of Goldman Sachs, said the loans will be partially or wholly forgiven if certain criteria are met. The $50 million is part of a $550 nationwide commitment Goldman Sachs has made.

Abbott also said that later this week he will reveal his intentions for getting businesses going again in Texas.