File photo
File photo
The Dallas County Emergency Business Assistance Program is designed to quickly provide financial assistance to traditional small businesses that have been affected by the pandemic.
The purpose of these grants is not to restore them to pre-pandemic status but instead to be a support in returning to operations.
To qualify, a business must have no more than 100 employees and must have revenue under $10 million. Businesses must be located in Dallas County and have experienced a loss of at least 25% in income since March 1 due to the pandemic. Businesses must also be current in their payment of county and local taxes.
The maximum amount of this forgivable loan is $50,000. The amount each business will receive is calculated based on several factors: three months worth of payroll, lease payments, utilities, payments for rental or lease of other necessary equipment, vehicles or real estate. Each business will also receive $3,000 of restart-up capital.
The loan will have a term of one year and an annual interest rate of 1%. No interest accrues and no payments are required until month five of the loan term.
More information, including the list of excluded businesses, click online.
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