Denton County OPEN Operational Plan for Economic Normalization Business Grant Program, Phase 1 $2.2 million available for grants
Denton County has launched the OPEN (Operational Plan for Economic Normalization) Grant with $2.2 million available through grants for businesses physically operating within Denton County. The goal of this program is to help the businesses that have been closed the longest and negatively impacted by COVID-19.
Denton County Commissioners Court is launching a small business grant program at noon on Wednesday, May 13, 2020, through noon on Wednesday, May 20, 2020, to provide up to $10,000 grants to Denton County businesses who closed the longest and have been the most negatively impacted during the COVID-19 pandemic.
In Phase 1 of Denton County OPEN, for-profit businesses headquartered and located in Denton County with 50 or fewer employees (excluding ineligible entities listed below) are eligible to apply.
The amount a business can receive will be based on the percentage of closure the business experienced during the COVID-19 Stay-at-Home order.- Business operations completely closed can get 100% of eligible grant.- Business operations partially closed can get 75% of eligible grant.
The eligible amount of the grant is the higher of:
- 1.75x the average monthly payroll costs for the first quarter of 2020 (form 941) – including gross payroll, retirement costs and health insurance costs; if sole proprietor can use the average monthly amount of Schedule C net income divided by twelve (must have a net profit); if partner can use the average monthly amount of net self employment income. (Schedule K-1)
- 2x fixed costs (rent, lease or mortgage interest of real and business property, real property taxes, business personal property taxes, and utilities excluding costs of your personal residence) calculated on 2019 monthly average
The $2.2. million identified for the Denton County OPEN grant was accumulated by Denton County from CoServ Capital Credit funds over a 20-year period and set aside. Denton County is re-investing these non-taxpayer funds into the Denton County OPEN program to benefit Denton County businesses impacted by COVID-19.
For more information, and to apply, visit https://dentoncounty.gov/open