Texas Governor Greg Abbott is planning to reveal strategies to slowly reopen businesses in Texas to revitalize the economy. The governor recently announced that Goldman Sachs and LiftFund will provide $50 million of loans through SBA's PPP program to qualifying Texas small businesses. These loans will be primarily used for payroll purposes to ensure employers retain employees during the current crisis. If the employer complies with all of the required regulations, the loan will be fully or partially forgiven by the SBA.
LiftFund is a non-profit organization that helps small businesses facing financial hardships with limited access to capital. It has partnered with the SBA to offer these disaster relief loans up to $50,000. LiftFund along with other financial institutions will be administering the funds to qualifying small businesses in Texas. You can apply for this SBA-backed PPP loan on the LiftFund website.
Business owners who haven't heard of LiftFund may have questions or concerns about their loan like:
I've applied PPP through my bank, does this mean I can apply for this loan as an additional backup? No, you will be duplicating loan applications to the same SBA-banked programs.
I couldn't get PPP loan through my bank, will I get rejected by LiftFund too? Not necessarily, the criteria may vary slightly since LiftFund is catered for business owners who are not able to apply through financial institutions.
What would be the difference between applying PPP through my bank vs LiftFund? To apply through a bank, the applicant needs to have a banking relationship with the bank. Anyone can apply through LiftFund.
If you need help or have questions about this SBA-backed PPP loan, make sure to contact us today!
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