McKINNEY, Texas (CBSDFW.COM) – When Collin County’s small business grant program launched at noon Friday, more than 375 requests from local businesses came in during 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%, due to the COVID-19 pandemic.READ MORE: Texas Reports 2,420 New COVID-19 Cases, 84 More Deaths Sunday
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 six months before 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 today 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 businesses within the City of Dallas.
Eligible expenses include:READ MORE: Man Killed Inside McKinney Apartment By Gunshot From Another Unit, Police Say
Fixed overhead costs – such as rent
Supplier/material payments, and
COVID-19 related business improvements, such as Personal Protective Equipment, sanitation supplies and equipment.MORE NEWS: Texas Restaurant Threatened With ICE Calls For Not Ending Mask Policy, Owner Says