On August 24, 2020, The Collin County Commissioners Court approved the Collin CARES Small Business Grant Program, setting aside $15 million of CARES Act funds for businesses physically operating within Collin County, exclusive of the City of Dallas.
Up to a $25,000 grant per business will be awarded for eligible businesses that experienced a gross revenue loss of greater than 15% due to the COVID-19 pandemic. Eligible businesses will receive up to $5,000 unless documentation is provided showing actual incurred costs of up to the $25,000 maximum. These grants are taxable.
An online application link will be posted on Sept, 4, 2020.
Eligibility:
Businesses with less than $5 million in gross revenues and less than 100 full-time equivalent employees are eligible. Eligible businesses must provide all pages of either a signed 2019 Schedule C or business tax return, and will be required to have been located continuously within the eligible geographic area for 6 months prior to March 1, 2020. Business owners can apply for up to 3 businesses having common ownership located within the eligible geographic area. As part of the application process, applicants must provide a description on how the grant dollars will be used. The amount of the grant will be based on eligible expenses, prior receipt of CARES Act funds and the applicant’s grant use description. Collin County, its agents and representatives will make the sole and final determination of program requirements and grant awards.
Timeline:
completed applications on a first-come, first-serve basis.
