U.S. Senator Marco Rubio, Chairman of the Senate Committee on Small Business and Entrepreneurship took part in a press conference Friday morning where David M. Solomon, CEO of Goldman Sachs, announced they will be offering $15 million in small business loans. “Goldman Sachs is thankful for the work that Senator Rubio has done to offer his assistance towards small businesses in Florida,” said Solomon.
These funds will enable a Community Development Financial Institution (CDFI) to offer forgivable loans through the Small Business Administration’s Paycheck Protection Program (PPP).
Goldman Sachs also announced earlier this month that the company has a $550 million dollar commitment to aid even more small businesses and communities during this trying times.
“Today we’re doubling our capital commitment to $500 million and announcing a total of $550 million in COVID-19 relief efforts. We have partnered with CDFIs and other mission-based lenders for over a decade, helping to deliver to small businesses the capital and support they need to fuel their growth.”
Senator Rubio was additionally joined by Founder and CEO of Lendistry, Everett Sands, a minority owned financial institution. “Small businesses employ more than national chains do”, said Sands. “This money is allocated for payroll, insurance, rent, utilities, etc. We want to help.”
President Trump will sign into law H.R. 266 today, which acts as the federal guarantee for PPP allocated. This provides $310B in emergency relief for small businesses, $75B towards resources for hospitals, and $25B in investments on expanded testing.
Specifically, the division increases the authority for (1) the Paycheck Protection Program, under which the SBA may guarantee certain loans to small businesses during the COVID-19 pandemic; and (2) advances on emergency economic injury disaster loans made in response to COVID-19. The division also expands eligibility for such disaster loans and advances to include agricultural enterprises.
Additionally, the division requires the SBA to guarantee no less than a specified amount of paycheck protection loans made by certain insured depository institutions, community financial institutions, and credit unions.
Own a small business? Be sure to check out Lendistry, and see if they are able to help out.