Collin County's small business grant program launched at noon Sept. 4, drawing more than 375 requests from business owners in the first hour online applications were available.
The Collin CARES Small Business Grant Program provides up to $25,000 for eligible companies where gross revenue losses were more than 15 percent, due to the COVID-19 pandemic. Businesses with less than $5 million in gross revenues and fewer than 100 full-time employees are eligible, and must have operated continuously within Collin County for 6 months prior to March 1, 2020. Business owners can apply for up to three (3) business locations having common ownership within Collin County.
Commissioners Court voted unanimously Aug. 24 to set aside $15 million in U.S. CARES Act funding for the grants in addition to the $30 million earmarked for Housing assistance and $5 million for local food pantries.
The program will accept online applications through Sept. 25, 2020, and allows for eligible businesses to receive from $5,000 to $25,000, provided the businesses can document actual incurred costs. The grants are taxable, and the program excludes those businesses within the City of Dallas.
Eligible expenses include:
- Payroll
- Fixed overhead costs – such as rent
- Utilities
- Contract Labor
- Supplier/material payments, and
- COVID-19 related business improvements, such as Personal Protective Equipment, sanitation supplies and equipment.
The application link and more details for the grants are posted here.
