The Town of Prosper, the Prosper Chamber of Commerce and the Prosper Economic Development Corporation have collaborated to offer a grant for businesses located in Prosper with operations severely and negatively impacted by the COVID-19 crisis.
* MUST SUBMIT GRANT APPLICATION BETWEEN MAY 18 – 22, 2020 *
Prosper businesses meeting the criteria listed below may be awarded forgivable grants up to an amount of $10,000. These funds are meant to provide support to our businesses so they may once again be successful and profitable. Combining our efforts, We will Prosper Together.
Looking for the charitable giving component of We Prosper Together?
[ Please redirect to We Prosper Together – How Can I Help? ]
NOTE: An online, fillable form is not available due to the confidential information and supplemental documents applicants are required to submit.
Please print out the application document at the link above, fill in all of the blanks, sign and return all five pages of the application form with required financial documents.
You must submit application in person at the Prosper Economic Development Corporation (PEDC) office located on the first floor of the FUSE Dynamic Workspace building:
130 N. Preston Road, Suite 130
Prosper, TX 75078
Forms will be accepted Monday, May 18 through Friday, May 22, 2020 between the hours of 8:00 a.m. and 4:00 p.m. Staff cannot accept applications before or after these times. A PEDC staff member will time stamp your application when you turn it into the office.
Grant applicants, please provide the following with your signed grant application at the time you submit:
- A copy of Personal Financial Statement
- Schedule of Liabilities
- Last two (2) years of tax returns. Be certain Federal Tax ID Number is visible.
All grant application information will remain confidential.
Potential applicants with questions about the grant process may call 972-569-1172.
• Must employ 25 or fewer full-time employees
• Be in a commercial location within the Town of Prosper, Texas
• Be in “good standing” with the Town of Prosper
• Will maintain a physical business address within the Town of Prosper
• Demonstrate financial hardship due to the COVID-19 pandemic
• A franchise which has NOT received assistance from corporate
• The business must have experienced severe, negative economic impact as a result of COVID-19
• Entities that employ full time workers and no more than 25% part time workers
• Applicants that have exhibited good business practices based upon required balance sheets
• Businesses, due to the COVID-19 crisis, had the inability to pay rent or mortgages due to a lack of business resulting from mandatory closures
• Have increased operation costs related to COVID-19 prevention measures
• Businesses which DID NOT receive assistance from the Small Business Administration, CARES act, Paycheck Protection Program (PPP) or other grant programs.
NOTE: If the applicant DID receive a federal loan or grant but has determined that the awarded amount was not enough due to the longevity of restrictions to re-open, the applicant may apply for the We Prosper Together grant. Applicant must provide documentation that supports the amount of money received from a program.
• Mortgage or rent payments
• Utilities (electric, trash, gas, water)
• Communications/Re-entry Marketing costs (telephones related to the business, internet)
• Gaps or shortfalls in employee wages not covered by the State of Texas or the Federal Government
• Unexpected PPE costs
• Grants up to $10,000 will be awarded to eligible small businesses
• Will be calculated based upon eligible business expenses
• If applicant has more than one business, the owner may apply for no more than three (3) entities, each one requiring a separate application
May 18 – 22, 2020 – Applications Accepted
We can only accept your application in person between the hours of 8:00 a.m. and 4:00 p.m. at the Prosper Economic Development Corporation (PEDC) office, located at 130 N. Preston Road, Suite 130. We cannot accept grant applications after 4:00 p.m. on Friday, May 22, 2020.
May 27 – June 3, 2020 – Applications Reviewed
The We Prosper Together Small Business COVID-19 Grant Award Committee will review and determine eligibility and award for submitted application.
June 4 – 11, 2020 – Award Announcements
Awards processed and issued (Depending upon the number of applications, award date may be extended.)
GRANTEES WILL BE NOTIFIED BY PHONE AND EMAIL
About the funding source:
The Town of Prosper created the We Prosper Together Small Business COVID-19 Relief Grant from funds received from the United States Federal Government COVID-19 Stimulus Funds distributed to states. The three entities agreed to utilize a portion of the funds allocated to the Town of Prosper to support and retain Prosper small businesses. The Town Council reserves the right to amend individual grant award amounts based on changing circumstances created by the COVID-19 public health emergency.