On Monday, the second round of the Dallas County Emergency Business Assistance Program opened for pre-applications. The pre-application submission deadline for this round is July 26. The pre-application is a quick survey that can be found here: www.surveymonkey.com/r/ebap2.
This is not a first come, first serve process. Rushing through the pre-application and, if selected, the full application is not necessary, so long as they are completed within the provided deadlines. Applicants should thoroughly review their applications to ensure they do not make a mistake that makes them ineligible. Only 26 Rowlett businesses submitted round one pre-applications that were deemed eligible, according to the Rowlett Chamber of Commerce.
Some significant changes have been made to this round (these should be retroactively applied to round one), including:
- The max loan amount was increased from $15,000 to $50,000. I’ve attached the program’s loan calculator, which can be used to determine the max amount for a specific applicant.
- The annual gross income cap was increased from $1.5 million to $10 million.
- Businesses that received PPP or other federal assistance (e.g., EIDL) can apply, so long as their assistance did not exceed $50,000. Federal assistance received will be deducted from the $50,000 max. This rule automatically disqualifies 184 of the 675 Rowlett businesses that received PPP assistance. Three of the twenty two Rowlett businesses that received HHS Provider Relief Fund assistance may also be automatically disqualified.
- The loan forgiveness requirements have been relaxed. Recipients are now only required to retain 60 percent, instead of 90 percent, of their March 1, 2020 full-time employee count and payroll. Loan forgiveness will occur over a period of four months, with 25 percent of the loan forgiven each month. Any amounts not forgiven after four months will have to be paid back within 8 months. A 1 percent interest rate will be applied to the remaining loan amount.
If selected, an invitation to a full application process will be provided. An applicant training video for submitting a full application can be found here: Full Application Training
Applicants with program questions should be referred to the attached guidance documentation, the NDC program webpage (https://ndconline.org/ntxsmallbiz/dallas-county/), email@example.com, or 214-845-7673 (voicemails should be returned within one business day).