City of Richardson/Collin County Emergency Business Assistance Program (EBAP)
Purpose: The program is designed to rapidly provide financial assistance to “traditional” small businesses (i.e., those with no more than 100 employees) that have been adversely affected by the current pandemic. Its purpose is to “stop the bleeding” for these firms; it is not to necessarily restore them to their pre-pandemic status.
Preapplication Dates: The pre-application will open on August 1, 2020 and close on August 16, 2020.
Link to the Pre-Application: https://www.surveymonkey.com/r/RichardsonEBAP
Loan Calculator: EBAP Loan Calculator
Funding: $1 million of Coronavirus Relief Fund funding (as provided by Collin County through the CARES Act)
Definition of small business: Business with no more than 100 employees and revenue under $10 million.
Other eligibility requirements: Business must be located in Collin County and within the city limits of Richardson. Business must have experienced a loss of at least 25% in income since March 1, 2020 because of the pandemic. Business must be current in the payment of county and local taxes.
Type of assistance: Forgivable loan
Maximum loan amount: $50,000
Maximum loan calculation: 3 months of payroll, lease payments, utilities (excluding City of Richardson utilities), the renting of existing equipment, & the payment of existing business-related loans for equipment, vehicles, and/or real estate + $3000 of restart-up capital.
Loan terms: Loan will have a term of 1 year and an annual interest rate of 1%. No interest accrues and no payments are required until month 5.
Eligibility for forgiveness: The original principal amount is eligible for forgiveness upon Lender’s receipt of documentation that Borrower continued to operate its business for four (4) months and carried at least 60% of the March 1, 2020 full-time employee count and payroll. Each month that Borrower continues to be in operation and maintain the required employee count and payroll, one fourth (¼) of the loan is eligible for forgiveness by Lender.
Excluded businesses: Non-profit entities, franchises, businesses whose primary income is derived from rental/income-producing properties, businesses that operate as an age-restricted business. Businesses located in Dallas County and within the city limits Richardson are not eligible since Dallas County operated its own loan fund for businesses located in Dallas County.
Status of program: The pre-application period opens on August 1, 2020 and closes on August 16, 2020. After the pre-application period closes, NDC will conduct a randomized borrower selection process to identify the eligible businesses that will be invited to submit a full loan application.
Phone number: (214) 845-7673. All voicemail messages will be returned within one business day.
City of Richardson/Collin County Emergency Business Assistance Program Overview – English
City of Richardson/Collin County Emergency Business Assistance Program Overview – Spanish
City of Richardson/Collin County EBAP Flyer – English
City of Richardson/Collin County EBAP Flyer – Spanish
City of Richardson/Collin County EBAP Infographic- English
City of Richardson/Collin County EBAP Infographic- Spanish