The City of Richardson has created an Emergency Small Business Assistance Program to distribute $1 million in Coronavirus Aid Relief and Economic Security Act assistance to Richardson businesses in Collin County.
Through a partnership with the National Development Council, a similar program is being administered for Richardson businesses located in Dallas County.
CARES Act assistance is available to small Collin County businesses, meaning those with 100 employees or fewer and under $10 million in revenue, that have been adversely impacted by the COVID-19 pandemic.
Businesses must show at least a 25% reduction in income as a result of the COVID-19 pandemic in order to be eligible.
The business must also be located in Collin County and within the city limits of Richardson.
If eligible, businesses may obtain a forgivable loan of up to $50,000.
The pre-application period will open Aug. 1 and close Aug. 16.
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After the pre-application period ends, the National Development Council will conduct a randomized borrower selection process to identify the eligible businesses that will be invited to submit a full loan application.
To find out if your business might be eligible, please visit https://ndconline.org/ntxsmallbiz/richardsoncollin/.
