Applications for CARES Act funding to be available starting Aug. 1
(Richardson, TX) – The City of Richardson has created an Emergency Small Business Assistance Program to distribute $1 Million in Coronavirus Aid Relief and Economic Security (CARES) Act assistance to businesses located in the Richardson portion of Collin County. The program is administered through a partnership with the National Development Council (NDC), which is also administering a similar program through Dallas County for Richardson businesses located in Dallas County.
CARES Act assistance is being made available to small businesses (100 employees or less and under $10 million in revenue) located in Collin County that have been adversely impacted by the COVID-19 pandemic. To be eligible, businesses must demonstrate at least a 25 percent reduction in income as a result of the COVID-19 virus. The business must also be located in Collin County and within the city limits of Richardson. Businesses may be eligible to obtain a forgivable loan of up to $50,000.
The pre-application period will open Aug. 1 and close Aug. 16. Due to limited available funding, the NDC will conduct a randomized borrower selection process after the pre-application period closes to identify the eligible businesses that will be invited to submit a full loan application.
If you think your business might be eligible, please visit https://ndconline.org/ntxsmallbiz/richardsoncollin/ to learn more about the program and apply.