NEWTON COVID-19 SMALL BUSINESS RECOVERY GRANT PROGRAM
The City of Newton has established the Newton COVID-19 Small Business Recovery Grant Program to aid in the stabilization of existing small brick and mortar businesses within the City of Newton that have had significant business disruption due to the impact of COVID-19. The City has received $1,136,128 in Community Development Block Grant Coronavirus (CDBG-CV) from the U.S. Department of Housing and Urban Development (HUD), of which, approximately $300,000 will be made available to fund this Program.
These grant funds will assist small businesses in Newton to pay for commercial rent or mortgage, cover wages, loss of inventory, and other demonstrated costs. Capital improvements will not be considered.
A grant of $10,000 for microenterprises (5 or fewer employees) and $15,000 for businesses with 6-20 employees may be awarded based on severity of the need, a solid recovery plan, and clear demonstrated costs greater than or equal to the amount requested.
At least 50% of the grant request must be for commercial rent or mortgage, which will be paid directly to the landlord or funding institution. Additional financial needs may be considered on a case-by-case basis. 10% of the grant will be reserved until the final program documentation has been submitted and approved.
In order to participate in the Newton COVID-19 Small Business Recovery Grant Program, businesses must meet all the following criteria:
1. The business must qualify as a microenterprise, meaning that business currently has no more than 5 employees, including the owner(s)
The business has no more than 20 FTE employees including the owner, and may qualify if it will retain or create at least 1 job
2. Have experienced a loss of revenue of 50% or more due to COVID-19 since March 10, 2020 (Massachusetts State of Emergency)
3. Be a for-profit enterprise
4. Have a physical establishment within the City of Newton
5. Have no outstanding tax liens or legal judgments
Ineligible applicants include, but are not necessarily limited to:
The application deadline is May 27, 2020. Based on demand, this round of applications is closed.
Grant awards will be made in late June 2020.
The Newton COVID-19 Small Business Recovery Grant awards were made on June 29, 2020. The list of awardees can be seen here.
1. Program Guidelines (PDF)