Starting Friday, local businesses will be able to apply to receive up to $25,000 in grant funding from Collin County.
The application link for the Collin CARES Small Business Grant Program, designed to allocate CARES Act funds to small businesses impacted by the COVID-19 pandemic, is slated to be posted at noon Friday on the county website.
Eligible businesses that have seen more than a 15% loss in gross revenue as a result of the pandemic qualify to receive up to $25,000 from the program.
Qualified businesses will get up to $5,000 for eligible reimbursable expenses unless they submit more documentation showing actual incurred costs of up to the maximum $25,000 amount, county documentation states.
Grants are taxable, according to county documentation.
The county identifies eligible businesses as those with less than $5 million in gross revenues and less than 100 full-time equivalent employees. Businesses in the city of Dallas are not eligible to apply to the program.
Business owners can apply for up to three businesses that have common ownership in the area, county documentation states. The county will open an online pre-screening questionnaire at noon on Friday, and those who qualify for the program will be told to continue their application process by a third-party administrator, county documentation states.
The third-party administrator will issue electronic fund transfers to recipients after recommended awards are approved by the commissioners court.
Businesses must have been operating continuously in the area for 6 months prior to March 1. Part of the application includes providing a description of how grant money will be used.
Funding covers expenses from March 1 through Aug. 31. Eligible expenses include payroll, rent, property or general liability insurance and supplier or material payments, including personal protection equipment and sanitation supplies related to the COVID-19 pandemic.
“Any previously received CARES Act funding from Collin County or its cities will reduce the amount of the applicant’s maximum grant award under this program,” county documentation states.
Also ineligible are non-profit organizations, banks and medical providers. Businesses operating as an age-restricted business are also ineligible, except for firearm dealers, county documentation states.
Businesses have until Sept. 25 to apply. Grants will be rewarded on a first come, first serve basis, the county has stated.
The Collin County Commissioners Court voted unanimously on Aug. 24 to set aside $15 million in CARES Act funding for the grants, according to a press release. There is also $30 million allocated for housing assistance and $5 million for local food pantries.