Small Business Grant Program (less than 15 employees)
The City of Plano’s Small Business Grant Program is designed to address economic hardships experienced by small businesses as a result of the COVID-19 pandemic. The program’s goals are retaining jobs for low to moderate income people, and stabilizing local businesses. It 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 City of Plano’s Small Business Grant Program are not loans. Grants of up to $10,000 will be made to businesses with up to fifteen (15) employees at the time of application. Applications will be accepted from May 28, 2020 at 8 AM to June 4, 2020 at 11:59 PM via the City’s ZoomGrants portal. Due to the anticipated number of submissions and limited funding, applications will be chosen via a lottery system.
The program is funded using $200,000 of U.S. Department of Housing and Urban Development’s Community Development Block Grant – Coronavirus (CDBG-CV) funds.
- For-profit businesses with up to 15 employees at the time of application submission. Business must meet one of the following criteria:
- Small business with 15 or fewer employees that can demonstrate at least one full-time employee (FTE) position would be lost without the grant funds, and must retain at least one FTE job for a low to moderate income person (to be evaluated after three months); OR
- Micro-enterprise (five or fewer employees, including the owner) that is owned by a low to moderate income individual and can demonstrate potential business closure or layoffs without the grant funds.
- Eligible applicants must be located in Plano and operate out of a physical location within Plano city limits. Physical location includes a ‘brick and mortar’ structure, food truck, or other types of physical locations. This will be verified through a review of the Certificate of Occupancy as granted by the City of Plano or the Secretary of State’s Certificate of Formation
- Business must demonstrate 25% or more loss of gross income/gross revenue due to the COVID-19 pandemic
- Annual gross revenue must be under $1.5 million
- Business must have been operating for a minimum of two years
- Under Community Development Block Grant program (CDBG) requirements, all recipients of CDBG Grant funds must be eligible to work in the United States. This includes employees of a business owner benefiting from the funds (retained jobs), as well as the business owner (funding recipient)
- Owner must be 18 years or older
- Owner has or will have a valid SS #, EIN, DUNS, SAM registration and Business Bank Account
- Owner/Applicant is not currently in bankruptcy and has not filed bankruptcy in the last 12 months
- Owner/Applicant is current with property taxes and City fees, or has a payment plan in place with County and/or City as of April 30, 2020
- No conflict of interest with the City of Plano (i.e. the following persons cannot have ownership or financial interest in the assisted business, or be an employee of the assisted business: City of Plano elected officials and their immediate family members or City of Plano Staff who exercise any CDBG responsibilities and their immediate family members)
Duplication of Benefits
Businesses may not receive federally-subsidized disaster assistance that duplicates any part of their disaster loss covered by insurance or another source, such as the Small Business Administration (SBA) or the Federal Emergency Management Agency (FEMA). Applicants for City of Plano grant funds under the Small Business Grant Program must disclose any funds applied for or received from these sources or other federal assistance programs. It is in the City’s sole discretion to determine if funds received from any of these sources constitutes a duplication of benefits. Grants under this program will be provided in an amount not to exceed the level of need. If a duplication of benefits determination is made after City of Plano funds have been disbursed, the amount of funds that were determined to be duplicative must be repaid to the City.