In response to the economic hardships experienced by small businesses resulting from the COVID-19 pandemic, the City of Plano has established a CARES Small Business Grant Program (“Program”) in an effort to retain jobs and stabilize local businesses. This Program provides gap financing for businesses that have lost revenue as a result of social distancing and are at-risk of layoff(s) or closure. The Program is funded through the Coronavirus Aid, Relief and Economic Security Act (C.A.R.E.S. Act).
The Program will use $5 million of C.A.R.E.S. Act funding, received by Collin County, to provide grants of up to $25,000 to applicant businesses with one hundred (100) or less Full-Time Equivalent (FTE) Employees at the time of application. The Applicant Business must demonstrate a loss of gross revenue of 25% or more as a result of the COVID-19 pandemic to be considered for funding.
Applications will be accepted from Monday, June 15, 2020 at 8:00 AM through Monday, June 22, 2020 at 11:59 PM via the City’s ZoomGrants portal [link]. Due to the anticipated number of submissions and limited funding, applications will be chosen via a lottery system.