The program, funded by $200,000 of U.S. Department of Housing and Urban Development coronavirus funds, provides gap funding to help businesses at risk of layoffs or closure as a result of the pandemic. This funding is meant to retain jobs for low- to moderate-income people, according to the city of Plano.
Businesses with 15 or fewer employees can apply to receive up to $10,000.
In order to qualify for the grant, small businesses must show that at least one full-time employee would be lost without the funds and that use of the funds would help maintain at least one full-time position for a low- to moderate-income person. The business could also be made up of five or fewer employees with a risk of layoffs or closure and be owned by a person with low- to moderate-income to qualify.
Applicants must also disclose any funds applied for or received through the U.S. Small Business Administration, the Federal Emergency Management Agency or other federal assistance programs.
The application, as well as additional requirements, can be found on the city’s website. The application will close June 4 at 11:59 p.m., and recipients will be chosen using a lottery system.
The program is part of a larger effort by the city of Plano to prevent residents from becoming homeless during the coronavirus crisis. A May 11 plan approved by Plano City Council included redirection of federal funding toward rental assistance and rapid rehousing, as previously reported by Community Impact Newspaper.
