AUSTIN, Texas -- Texas has long been touted as the state for small businesses. As those businesses are crippled as a result of social distancing measures, Gov. Greg Abbott at 11:30 a.m. Monday announced a new small business loan program.

• $50 million in loans to be available to Texas small businesses 
• Loans provided by Goldman Sachs and LiftFund
• Plans for safely reropening Texas businesses in the works

The $50 million loan is coming via investment bank and financial services provider Goldman Sachs. About $25 million of that will come via a partnership between Goldman Sachs and San Antonio-based loan agency LiftFund.

The loan, which will be offered through the Paycheck Protection Program, can be forgiven if certain criteria are met. In other instances, loan forgiveness has been granted to businesses that retain and pledge to rehire staff.

"Small businesses and their employees are at the heart of the Texas economy, and they need support during these difficult times,” said Abbott. “These loans will help us revitalize our economy and restore Texans’ livelihoods as we respond to COVID-19. I thank Goldman Sachs and the LiftFund for providing this lifeline to Texas small businesses and their employees by providing them with the support they need to overcome the challenges posed by COVID-19. This partnership is an important first step in our journey to economic recovery in the state of Texas."

Following the loan announcement, Abbott updated Texas COVID-19 stats. According to him, approximately 133,000 people have been tested in Texas. Of those tested, 13,827 have returned positive results.

Abbott said 1,176 people have been hospitalized with COVID-19 in Texas, 286 people have died as a results of COVID-19, and more than 2,000 people have recovered from the virus in the state.

As for the Texas economy, Abbott said a team is coming together which will be tasked with recommending a reopening of businesses that is consistent with data in order to ensure safety. The first wave of businesses to reopen, Abbott said, will be those identified as having no risk of spreading COVID-19. More businesses will follow.

Abbott said guidance for a timeline for when districts may reopen schools is coming later this week.

As for the record number of Texas who have applied for unemployment benefits, Abbott said more than 1 million claims have been paid, and that totals more than $4 million.