The City of Newark will invest an additional $2 million in Round 4 of the Newark Emergency Small Business Grant Fund to help small businesses that have experienced a loss of income due to the ongoing pandemic, Mayor Ras Baraka announced Sept. 10.
The fund was created at the start of the pandemic in March 2020 to support impacted Newark small businesses. Round 4 of funding is sourced from the American Rescue Plan.
Newark businesses with one to 25 employees, including home-based businesses and startups, will be eligible for up to $15,000.
Applications for the program opened at 12 p.m. on Sept. 10 and will close at 5 p.m. on Sept. 24.
“Newark’s small businesses have been devastated by COVID-19,” Baraka said in a prepared statement. “With limited funds, we are working to help our businesses, tenants, artists and others suffering from COVID-19 to survive and recover. The Small Business Emergency Fund is one of the many ways that we are pulling together as a community to fight the virus and restore our economy.
“In collaboration with President Biden, our federal, state, and city legislators and our philanthropic community, we are working to expand the help that we can provide to Newark’s small businesses,” Baraka said.
The fund is administered by the City’s Department of Economic and Housing Development.
In addition to having 25 employees or less, businesses must have a physical location in Newark, a valid business license or demonstrated exemption, and have experienced a direct loss of revenue due to COVID-19.
Businesses are not eligible if they’ve been awarded a grant from the city in 2021 or if they’ve already received COVID-19 related financial assistance from any other federal, state, or local program to pay for the same expenses.
The City will hold a Facebook Live informational meeting on Sept. 14 at 7:00 p.m.