Frisco COVID-19 Business Assistance Grant Program
Frisco Business Assistance Grants No Longer Available
All of the funding for Frisco COVID-19 Business Assistance Grant Program has been distributed to local businesses, and the grant application process is no longer open.
Business Assistance Program Background
During Frisco Town Council’s special meeting on Tuesday, April 7, 2020, Council approved $500,000 in funding for the Frisco COVID-19 Business Assistance Program to support Frisco’s independently-owned businesses, as they are a vital part of what makes Frisco such a vibrant and thriving community. The purpose of this grant was to help businesses bridge the gap in funding, while waiting for Federal and State assistance, by providing immediate funds to pay for essential business-related expenses such as rent or mortgage payments, utilities, payroll, and other business expenses.
During Frisco Town Council’s April 28 meeting, Town Council determined that they wanted to increase the maximum grant amount from the original amount of $5,000 to $10,000, making businesses eligible to receive up to $10,000 with grant amounts being determined based on one (1) month’s rent or mortgage payment. In the event that a business has no landlord and no mortgage, the maximum amount of any grant under this program shall be an amount determined by the Town of Frisco to be a reasonable estimate of the amount of rent that the business would pay for its space under prevailing market rents as of March 1, 2020.
Businesses did not need to reapply if they had monthly rent or mortgage payments over over $5,000. These businesses were sent an email indicating that they would receive additional grant payments if they choose to receive them.
Business Assistance Program Conditions and Details
- Applicant business must have severely limited operations as a result of one or more of the public health orders related to COVID-19 by having been prohibited from onsite sales and/or service to the public, or prohibited from onsite consumption of food or beverages. Businesses still able to operate, such as real estate, banking, grocery, pet supply, liquor, gas stations, dispensary, and building service-related businesses are not eligible for this grant program. Short term rental properties, other than hotels or motels, are also not eligible for this grant program.
- Applicant business must have a current and valid Town of Frisco business license issued on or before March 1, 2020.
- Applicant business must have had a physical (not solely virtual) location within the Town of Frisco’s commercially zoned areas on March 1, 2020, from which business operations were conducted.
- Applicant businesses must have had no more than 50 employees or independent contractors engaged in work for the business on March 1, 2020.
- Applicant business must not be a publicly traded corporation, nor be owned by, controlled by, or a subsidiary of a publicly traded corporation, nor be an entity that has more than ten million dollars ($10,000,000) in annual gross revenues, nor be owned by, controlled by, or a subsidiary of any such entity.
- Applicant business must be able to attest that an application has been made for Federal assistance or that there is a plan to do so once assistance applications are once again made available. Businesses will also be asked to list any other COVID-19 Federal and State financial assistance, loan or grant programs that this business has applied for.
- Applicant business must be able to provide a completed W-9 for that business and be able to upload documentation showing monthly business rent amount (lease) or monthly business mortgage amount (statement or payment coupon).
Questions regarding the business program may be directed to COVID19BusinessGrant@townoffrisco.com.