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City of Dallas COVID19 Small Business Assistance Announced

The City of Dallas announced new financial relief programs for small businesses, along with other programs for residents.

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The city also passed a resolution that will provide $5 million in assistance to small businesses hit hard by COVID-19 crisis. The money from the federal CARES Act will be distributed in the form of either $10,000 grants or $50,000 loans.

“Small businesses are the lifeblood of the Dallas economy,” said Dallas Mayor Eric Johnson.

Applications for Dallas businesses also go live on May 4. Owners could get the dollars as early as June 15.

Businesses will be required to retain 80 percent of the workforce they had February 29. The city has not yet released information about where people and businesses can apply for these funds.

More than a million dollars of that funding is specifically directed to historically under-invested communities. It’s intended to be a very thorough process.

Small business relief

The Office of Economic Development is launching a $5 million Small Business Continuity Fund that will provide up to $10,000 in grants and up to $50,000 in low-cost loans to small businesses affected by COVID-19.

The businesses must be able to prove they were in operation for a minimum of six months prior to March 16 must be low to moderate income microbusiness owners and/or businesses that employ or previously employed at least 51 percent LMI workers.

The fund is intended to ensure continued operations of small businesses and job retention by those businesses. The application is expected to go live in May for grants and loans to begin in June.




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