The City plans to allocate $1 million of its Collin County funds from the Coronavirus Aid Relief and Economic Security Act to create a financial assistance program for small businesses in the Collin County portion of Richardson. The proposed program will utilize the same requirements as the program that is eligible to Richardson businesses in Dallas County. Individual businesses with no more than 100 employees can receive up to $50,000 in the form of a forgivable loan.
The prequalification period is planned to begin Aug. 1. A business will fill out a questionnaire online; if it meets the initial qualifications it will be placed in a lottery to determine final eligibility. The National Development Council (a third-party administrator) will oversee the screening and selection process.
Website (Aug. 1): www.ndconline.org/ntxsmallbiz
