The City of Richardson and Collin County have partnered to offer the Emergency Business Assistance Program to provide financial relief to local small businesses that have been economically impacted by COVID-19.
According to a news release by the city, qualifying businesses are eligible for up to $50,000 in the form of a forgivable loan. To be eligible, businesses must be located in Collin County and within the city limits of Richardson; have no more than 100 employees; generate under $10 million in revenue; be current on their county and local taxes; and have experienced a loss of at least 25% in income since March 1 due to the pandemic.
For each month that the borrower continues to stay in business and retains at least 60% of their full-time employees and payroll since March 1, 25% of the total amount of their loan is eligible for forgiveness. To be eligible for complete loan forgiveness, borrowers stay in business with the required number of employees for at least four months.
The city has provided $1 million in Collin County funds via the federal CARES Act to fund the program.
Complete guidelines and a link to the Pre-application can be found here. The deadline for pre-applications is Aug. 16.
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