May 4, 2020 | By McCathern Law
The City of Dallas recently announced it will make grants or loans available to small businesses (50 or fewer employees) to help aid the economic relief available in light of the COVID-19 pandemic. Applications for the fund are being accepted as of today, May 4, through 11:59p.m. on May 11, 2020.
All eligible applications will be considered and selected through a lottery system so all applicants have the same chance for a grant of up to $10k or a loan up to $50k (you may not apply for both). Applicants must demonstrate at least a 25% reduction in sales/revenue as a result of the COVID-19 virus.
The program is funded through the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG) funding, and due to CDBG program requirements, non-profits are not eligible for this funding. There is a total of $5 million in funding available for this program, with $2.5 million available as grants and $2.5 million available citywide for small business loans.
Applicable McCathern clients and business partners in Dallas should make sure to visit the Small Business Continuity Fund webpage to see if they qualify and apply. As always, please don’t hesitate to contact us at McCathern if you would like for us to guide you through this process or should you have any other legal concerns.