File photo
File photo
Federal stimulus money will soon be available for small businesses in Dallas County that have been negatively impacted by the recent economic downturn.
A small business could see up to $15,000 in forgivable loans through the CARES Act. According to Community Impact Newspaper, $5 million is being set aside through the program for businesses in the Dallas County area,
Businesses will need to meet certain requirements to qualify for the program. One of these includes meeting parameters for what defines a small business. This is where a business has fewer than 100 employees and earns less than $1.5 million in revenue each year. The business must be in Dallas County, yet not be located within the boundaries of the City of Dallas.
Also, businesses applying for a loan must have seen at least a 25% drop in revenue since March 1 as a result of the COVID-19 pandemic. The business must also be up to date with their county and local taxes.
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