AUSTIN, Texas - Gov. Greg Abbott has announced a new small business initiative in Texas.
The announcement was made via telecommunication with Goldman Sachs who will be providing $50 million for small business loans to Texans affected by the coronavirus COVID-19.
LiftFund President and CEO Janie Barrera and some small business owners also spoke about the importance of the money.
Gov. Abbott says the money will go to helping businesses keep people on payrolls until places are able to open back up again.
On when that will happen, the governor said that he expects to release a strategy sometime this week that will outline when businesses will reopen. He stressed that businesses that have had minimal or no impact on the spread of the coronavirus will be some of the first to open up.
Gov. Abbott added that any plan will ensure adequate testing as well as the continued prevention of the spread of the coronavirus.
Small businesses have been hit hard as many have had to close, layoff or furlough staff, and alter the way they do business due to social distancing guidelines and stay-at-home orders.
Social distancing guidelines have been put in place until through at least the end of April to help limit the spread of the coronavirus COVID-19 and only essential businesses are allowed to stay open at this time.
Essential businesses include places like grocery stores and banks.
FOX 7 Austin is working to keep you up to date with coronavirus, with both local and national developments. Every weekday we're live at 12 p.m. with a special show reporting the latest news, prevention tips and treatment information.
You can also get the latest COVID-19 news from around the country at coronavirusnow.com.