TEXAS – Because the coronavirus crisis caused the temporary or permanent closure of many small businesses, Texas Governor Greg Abbott announced a plan to stop layoffs, save wealth, and gradually revive the local economy.
But for homeowners like Martha Enriquez, this is a temporary remedy, as the debt gets bigger and bigger, even if they are low-interest loans. The reason, according to her, is that they cannot open and cannot generate profits.
“You look for help and almost nobody can tell you 100 percent what you have to do. They give you a phone number and tell you to look. Sometimes you get involved and it is impossible, it is hours and hours, there is no one to give you an answer, “said Enriquez, who has his own business.
She had to send her employees on a forced break, and while her business is still open, sales have fallen by around 80% and she is only weeks away from continuing to support him.
Goldman Sachs along with Lift Fund and other community development financial institutions (CDFIs) will work together to provide and manage $ 50 million in loans so that small businesses continue to pay their employees’ wages, even when they are closed. or its operations are very limited.
This initiative is part of Goldman Sachs 10,000 small business program and funds will be made available through the Small Business Administration (SBA) Payroll Protection Program. For those who are interested in applying for a loan, follow this link.
Texas Governor Greg Abbott today announced more financial aid for small businesses. Here more details.