The city of Newark will invest an additional $2 million in Round 4 of the Newark Emergency Small Business Grant Fund in an effort to stabilize Newark’s small businesses that have suffered a direct loss of income due to COVID-19, Mayor Ras Baraka announced.
The additional money for the fund came from an award the city received from the American Rescue Plan.
Awards up to $15,000 will be made available to Newark businesses with up to 25 employees, including home-based businesses and startups. Applications, which currently are being accepted, will be taken through 5 p.m. Sept. 24. (Apply here.)
The fund will be administered by the city’s Department of Economic and Housing Development. To be eligible for the grant, businesses must have:
- A physical location in Newark;
- 25 employees or less;
- A valid business license or demonstrated exemption;
- Experienced a direct loss of revenue due to COVID-19;
- Have not been awarded a grant from the city in 2021;
- Have not already received COVID-19-related financial assistance (grant, loans, etc.) from any other federal, state or local program to pay for the same expenses.
The city of Newark will hold a Facebook Live informational meeting at 7 p.m. Tuesday. (Click here to watch.)
The Small Business Grant Fund was created in March 2020 to support impacted Newark small businesses and help them to survive the current crisis, retain as many employees as possible, adapt and recover.
“Newark’s small businesses have been devastated by COVID-19,” Baraka said. “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.”