Newark Announces Second Round of COVID-19 Small Business Funding
Newark City offcials today announced the second round of emergency funding for small businesses and microenterprises that have been impacted by the coronavirus pandemic.
Officials say This round will provide working capital grants in amounts up to $10,000 to qualifying home-based small businesses in Newark and can be utilized for accounts payable, payroll, inventory, equipment, business compliance, licensing renewal, utilities, business capacity, legal, financial services, rent, insurance, business taxes, supplies or most business-related items, subject to funding availability.
The deadline to apply is July 13, 2020.
“Newark’s small businesses have been extremely impacted by COVID-19,” Mayor Baraka said. “Home-based small businesses have been particularly hard hit, yet have had fewer sources of emergency aid. So, in this second round of small business grants, we are seeking to ensure the survival of businesses that residents have established in their own homes.”
With $2 million earmarked for the small business grants program, the first round awarded a total of $947,468 to 105 Newark small businesses.
The businesses in the first round employ a total of between 300 and 420 workers. They represent a cross-section of Newark’s small business community from all five wards including food and eating establishments, nightlife, technical and business services, printing, trucking, contracting, haircutting and more.
Mayor Baraka’s Newark Economic and Housing Development Department in partnership with United Way of Greater Newark (UWGN) as sponsor, coordinating partner and grant administrator for this initiative; Invest Newark as coordinating partner; and Prudential as a sponsor are working together in this effort to provide relief while assessing the economic impacts related to COVID-19 on Newark’s small business community.
“We are proud to continue partnering with the City of Newark to coordinate another round of funding that will support our local small businesses and business owners,” said Catherine Wilson, President and CEO of UWGN.
“While the coronavirus pandemic continues to significantly impact local small business owners and hardworking Newark residents, this funding will help offset some of the financial burdens and help business owners as they get back on their feet.”
Local small business owners may be eligible to apply by meeting the following conditions, including having a home-based business with a physical establishment located in Newark; having 10 employees or less; evidence of direct loss or losses due to COVID-19; providing state or federal corporate registration or licenses, among other qualifications. For more information about eligibility, visit HERE
Applications for funding will open today, Tuesday, June 30, at 3 p.m. through a link on the United Way of Greater Newark website that can be accessed HERE
First-time users will have to complete the registration process and create an account to access the application. If selected, grant recipients will receive funding within 15 days of approval. Decisions are based on eligibility, criteria met and availability of funding. If you have technical issues with the application, contact firstname.lastname@example.org.