The Collin CARES Small Business Grant Program will provide up to $25,000 for qualifying companies that had gross revenue losses of more than 15% because of the coronavirus pandemic.
Collin County commissioners voted unanimously Aug. 24 to utilize $15 million in the federal funding for the grants in addition to the $30 million earmarked for housing assistance and $5 million slated for local food pantries.
The federal CARES Act sent more than $171 million in federal aid to Collin County to help provide relief for family and government costs incurred from March 1 through the end of the year.
Businesses eligible for the county’s small business grant program include those with less than $5 million in gross revenues and fewer than 100 full-time employees. To qualify, businesses also must have continuously operated within Collin County for the six months prior to March 1, 2020.
County Administrator Bill Bilyeu said the program will be able to quickly distribute funds to qualifying business owners.
“This moves a lot faster than cities, just by virtue of how it’s being run,” Bilyeu said. “[This is] working as a grant program, with a validation from [business owners] that their business will stay open.”
A county press release on the program said business owners can apply for up to three business locations that have common ownership within Collin County. However, the program excludes businesses within the city of Dallas.
Online applications for the Collin CARES Small Business Grant Program will be accepted Sept. 4-25. Qualifying businesses will be able to receive taxable grants of between $5,000 and $25,000, provided the owners are able to document actual incurred costs.
Eligible expenses include:
• Fixed overhead costs, such as rent;
• Contract labor;
• Supplier/material payments, and
• COVID-19 related business improvements, such as personal protective equipment, sanitation supplies and equipment.
Additional details on qualifying for the grants will be posted on the county’s Collin CARES website.
Commissioners adopted the Collin CARES recovery plan May 11 with the goal of assisting families and individuals affected by the coronavirus pandemic.