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Small business owners in Richardson and other Dallas County cities may see some economic relief through a new forgivable loan program.
The Dallas County Emergency Business Assistance Program will allocate $5 million of federal stimulus funds toward businesses that have not received enough financial support to meet their needs, according to Community Impact Newspaper.
Each business would be eligible for up to $15,000 in loans, made possible through the CARES Act. To qualify, businesses have to have no more than 100 employees and bring in annual revenue of $1.5 million or less. Businesses must be located in Dallas County and have experienced a loss of at least 25% since March 1 due to the pandemic. To qualify, businesses must be current on local and county taxes.
A randomized selection process will be used to determine which businesses will be allowed to submit a full application. More information about the loan program can be found on its website.
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