November 30, 2021

Volume XI, Number 334

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November 29, 2021

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Texas Governor Announces $50 Million Loan Program for Texas Small Businesses through Goldman Sachs/LiftFund Partnership

As discussed in our previous alert on this issue, the CARES Act established a $349 billion U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) to provide immediate access to capital for small businesses who have been impacted by COVID-19. On April 13, 2020, Texas Governor Greg Abbott provided additional guidance to Texas employers when he announced that investment banking, securities and investment management firm, Goldman Sachs, will partner with San Antonio-based nonprofit organization, LiftFund, to provide $50 million in loans to small businesses. Specifically, Goldman Sachs will provide the capital, and LiftFund and other community development financial institutions will administer the funds. Texas business owners can now apply for a PPP loan and find more information about the program on the LiftFund website.

“What this capital will do [is] provide these companies the resources they need to keep employees on the payroll for the remaining few weeks or so until businesses can begin [the] process of opening back up,” Governor Abbott said. Notably, Governor Abbott indicated that he intends to issue an executive order that will outline strategies to begin the gradual process of reopening businesses in Texas.

This is a matter that is evolving regularly.

Copyright © 2021, Hunton Andrews Kurth LLP. All Rights Reserved.National Law Review, Volume X, Number 105
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About this Author

Jayde Ashford Brown, Andrews Kurth, management side labor litigation lawyer, employment matters attorney
Associate

Jayde Ashford Brown represents corporate clients in management-side labor and employment matters arising under federal and state law, including, but not limited to Title VII, the FLSA, the FMLA, the ADA, the ADEA, and workers compensation under Section 451 of the Texas Labor Code. In addition to litigation, Jayde counsels clients on best practices relating to hiring and termination decisions, employment policies and employee investigations, and the OFCCP and related AAP obligations for federal contractors and subcontractors. Jayde also prepares and negotiates separation...

214-659-4719
Amber Rogers Employment Lawyer Hunton Andrews Kurth
Partner

Amber’s national practice assists clients with traditional labor relations and litigation, employment advice and counseling, and complex employment litigation.

Amber is Board Certified in Labor & Employment Law by the Texas Board of Legal Specialization, and is a trial lawyer who has extensive experience representing and advising clients in traditional labor relations, such as collective bargaining, representation elections, decertification elections, unfair labor practice charges, arbitrating grievances, contract administration and...

214 468 3308
Alan Marcuis Employment Attorney Dallas Hunton AK
Partner

Alan represents management in complex labor and employment law matters, including contract, trade secret and post-employment restrictive covenants, EEO litigation, collective bargaining and labor relations.

At Hunton Andrews Kurth LLP, Alan serves as co-head of the Unfair Competition & Information Task Force and Hiring Partner for the firm’s Texas offices. He is a contributing author to the the firm’s Employment & Labor Perspectives blog.

Alan is admitted to practice in the...

214 979 3060 direct
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