City of McKinney/Collin County Small Business Grant Program
Purpose: The City of McKinney is launching the McKinney/Collin Small Business Grant Program (McKinney/Collin SBGP) for businesses physically operating within the City of McKinney. The goal of this program is to help the businesses that have been negatively affected and suffered economic hardship due to business closure during the COVID-19 pandemic.
Link to Application: https://zoomgrants.com/gprop.asp?donorid=2296&limited=2915
Note: The application period opens on June 24, 2020 and closes on July 8, 2020 at 12 p.m.
Funding: Coronavirus Relief Fund funding (as provided by the CARES Act)
Definition of small business: Business with no more than 100 employees and annual revenue of no more than $15 million.
Other eligibility requirements: Business must be a for-profit business with physical operations (Storefront/Office) located in the incorporated boundaries of the City of McKinney. Business must be current in the payment of county and local taxes with no liens. Business must have been in operation on or before March 1, 2019.
Type of assistance: Grant
Maximum grant amount: $25,000
Maximum grant calculation: 3 months of estimated expenses for payroll and fixed costs from March 1 to May 31, 2020.
Payroll includes: gross payroll, retirement costs and health insurance costs
Fixed costs include: rent, lease or mortgage payment for real and business property that is paid to an unaffiliated/unrelated third party, utilities, and property/general liability insurance excluding costs of your personal residence.
Eligible uses of grant funds: Payroll costs for employees or owners draw (sole proprietors/partners); contract labor; supplier payments; rent, lease or interest on mortgage payment for real property used for business purposes, like storefront or warehouse, excluding personal residence; rent, lease or purchase payment for business property (e.g., delivery vehicle; food truck; kitchen equipment; furniture, technology, payment, and communications systems and equipment); insurance (Health, Payroll, Property/General Liability); new or expanded technology applications and Wi-Fi services, utility payments to include municipal utilities (water, sewer, trash) for business properties, excluding personal residence; cost of critical business operations (raw materials, marketing expenses, etc. payments); PPE and sanitation supplies and equipment; interest on other business debt obligations incurred before March 1, 2020, excluding personal residence.
Excluded businesses: Non-profits; non-storefront & home-based businesses; sexually/adult-Oriented businesses; lobbying organizations and political organizations subject to Internal Revenue Code 527; gambling Concerns, including casinos, racing operations or other activities whose purpose involves gambling; concerns engaged in illegal activities under federal, state or local laws; a business that is otherwise prohibited by federal or Texas law; a business that is ineligible or precluded to receive federal or State of Texas funding due to federal laws (including but not limited to the CARES Act) or Texas laws; multi-level marketing concerns; governmental/taxing agencies/departments; businesses in default or arrearage on past or current federal or state financing or funding programs; businesses involved or affiliated with personal or corporate indictment, arraignment or conviction of criminal offenses.
Excluded persons: Elected City officials and any relation within the second degree by consanguinity or the second degree by affinity to any member of the city council are not eligible to receive grant funds.
Status of program: The application period opens on June 24, 2020 and closes on July 8, 2020 at 12 p.m.
Toll Free Phone number: (833) 696-0804. All voicemail messages will be returned within one business day.