COVID-19 RESOURCES FOR ORGANIZATIONS
Assistance for Newark Small Businesses
If you represent a small business in the City of Newark and your business is experiencing financial losses due to this COVID-19 crisis, you may be eligible to apply if you meet the following conditions:
- Have a RESIDENTIAL business with a physical establishment located in Newark. Residential businesses may include: childcare centers, consultants, service providers such as caterers, etc.
- Have ten (10) employees or less.
- Have experienced a direct loss of income due to COVID-19.
In this time, businesses nationwide are suffering enormous impacts related to COVID-19. As an effort to help businesses and Newark families, who may endure such an impact, Mayor Ras Baraka has taken the initiative to provide financial help to those who qualify. As an effective effort to mitigate barriers to capital for Newark’s most vulnerable businesses, small businesses, the (CDBG)).
Mayor Baraka’s City of Newark Economic and Housing Development Department in partnership with United Way of Greater Newark and Invest Newark as sponsors and coordinating partners and Prudential as sponsor are working together in this effort to provide relief while assessing the economic impacts related to COVID-19 on our small business community.
This grant aims to help small businesses with losses they have experienced through loss of income, payroll loss, sales, etc. This emergency fund will provide working capital grants in amounts up to Ten Thousand ($10,000) to qualifying small businesses. Proceeds of the grant can be utilized for accounts payable, payroll, inventory, equipment, business compliance, licensing renewal, utilities, building capacity, legal, financial services, rent, insurance, business taxes, supplies or most business-related items, as allowable by the funding sources. The information with which you provide us will facilitate this emergency relief and inform strategies to speed recovery.
All of the following documentation is required to apply:
1. Most recent year’s corporate and owner’s personal federal and state tax returns; as well as the Company’s last three years of corporate internal financials (Profit and Loss/Balance Sheet) or most current financials.
2. Evidence of hardship/losses due to COVID-19 related business disruption (i.e. aging accounts payables, outstanding obligations, etc.).
3. A budget indicating how and by when funds will be used.
4. Corporate registration(s) and/or license(s) (state and/or federal).
5. Payroll/employee information
6. Proof of general liability insurance as required for the size and scale of the business.
You must also fulfill the following:
– No threatening or pending litigation or material contingent obligations against the grant participant.
– No outstanding tax liens or fees owed to the City of Newark.
First come, first served!