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.
The online, pre-screening questionnaire will be open for submissions starting at 12pm on September 4, 2020. Those qualified for the program will be notified by a third-party administrator to continue their application process. The application window will close at 12pm on September 25, 2020. The third-party administrator will issue electronic fund transfers to grant recipients after approval of the recommended grant awards by Commissioners Court.
Applications will be reviewed as they are received, with grants to eligible businesses being awarded to those having completed applications on a first-come, first-serve basis.