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Friday, December 4, 2020

Governor extends emergency proclamation and announces small business Covid-19 initiative

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Early this week, Texas Governor Gregg Abbot extended the Disaster Declaration for Covid-19 for the State of Texas. It was originally issued on March 13, 2020. The declaration allows the Abbott to coordinate efforts to slow and the spread of coronavirus and lessen the effects that the virus is having on Texans. {{more:? continue …}}

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“By extending my Disaster Declaration, we are ensuring the state of Texas continues to have adequate resources and capabilities to support our communities and protect public health,” said Governor Abbott. “I urge all Texans to continue practicing social distancing and abide by the guidelines laid out by the CDC and my Executive Orders to slow the spread of COVID-19.”
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By the extension of the emergency declaration for at least another month, it is expected that public schools will remain closed through May 13, 2020 but that has not been announced yet.
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Small businesses get a hand-up with new payroll loan program …

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Today, it was announced that Texas leads the nation in small business loans with over 22 million dollars in loans provided.
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And it was just on Monday that Governor Abbott announced that a partnership of Goldman Sachs, the LiftFund and other community development financial institutions along with the State of Texas will be providing $50 million in loans to small businesses around the state.
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The loans are made through the U.S. Small Business Administration as part of the Paycheck Protection Program.
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?All or partial forgiveness of loan …
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The purpose of these loans is primarily for use by businesses to continue paying their employees. If all stipulations are met, small business can have their loans forgiven in full by the SBA.

Goldman Sachs will provide the capital while the LiftFund and other smaller institutions will administer the funding process.
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Business owners can apply for a PPP loan and find more information about the program on the LiftFund website.
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About …?
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LiftFund is a non-profit organization, headquartered in San Antonio, that helps small business owners with limited access to capital. The company offers small business loans and minority business loans for entrepreneurs. LiftFund partners with SBA lenders and other lending institutions to provide startup loans, SBA 504 Loans, and microloans in Texas, and throughout the South Eastern U.S. In 2018, LiftFund had 591 donors, 118 investors, 500 partners, and 100 employees.
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Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

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