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Plano has earmarked $1.4 million in federal funding for COVID-19 economic relief. The money will be used to assist some of the city’s most vulnerable residents and allow small businesses to keep low- to moderate-income employees on their payrolls.
The City Council on Monday allocated $1,226,839 to assist at-risk residents with paying rent, mortgage payments, utility bills and rapid rehousing if they experience homelessness.
In addition, about $200,000 in funding was set aside to help businesses with 15 or fewer employees. The employees must be retained and considered low- to moderate- income.
The council also approved a resolution to accept U.S. Department of Housing and Urban Development funds of up to $828,593 under the CARES Act.
The measures underscore the far-reaching economic impact of the coronavirus, even for affluent cities like Plano. The city of 288,000 has a median household income of $92,121, according to the U.S. Census Bureau.
Homelessness prevention funds in the city are usually budgeted at about $151,000, a figure that has risen to $418,725 during the pandemic, said Lori Schwarz, Plano’s director of neighborhood services.
The Assistance Center of Collin County is handling the application process and distribution of funds for homelessness prevention, the city announced following Monday’s meeting. Plano also is working with other nonprofit groups for homeless housing assistance.
City staffers will administer the small business economic development program.
After plans are finalized, more information will be available on Plano’s COVID-19 resources website. On Monday, city officials said some of the funding could be available as early as June 1.