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EAST HARLEM SMALL BUSINESS GRANT APPLICATION
(a Spanish translation of this application can be requested at GRANTS@UNIONSETTLEMENT.org)
Council Member Diana Ayala, the Manhattan Borough President Gale Brewer, Union Settlement Business Development Center, and the NYC Economic Development Corporation, are launching a new opportunity for emergency financial aid specifically directed towards EAST HARLEM’S SMALL BUSINESSES negatively impacted by COVID-19, and in need of financial assistance. The objective of the Grant is to cover up to 3 months of business expenses that might be in arrears, allowing you to either re-open or continue operating until Federal, State, and City restrictions due to COVID-19 are lifted. This is an application for a grant. Funds received hereby do not need to be paid back to Union Settlement (the Grantor) UNLESS such FUNDS ARE NOT USED FOR THE PURPOSE INTENDED, AS DISCLOSED IN THIS APPLICATION, IN WHICH CASE, FUNDS RECEIVED MUST BE RETURNED IMMEDIATELY TO UNION SETTLEMENT (PARTIALLY OR FULLY), at the discretion of Union Settlement. Please note that grants received might be taxable (consult with your accountant). If approved, Union Settlement will send you, at the end of the year, a 1099 form so you may report the Grant as taxable income.
East Harlem businesses with less than $1,000,000 in annual sales; 20 or fewer employees; and that incurred losses due to COVID-19.
Storefronts, Home-based and/or On-line businesses, qualify
Must be able to demonstrate outstanding losses due to COVID-19 for, at least, for the amount requested.
Business must have been open and operating prior to March 1, 2020
Must have an Employer Identification Number (EIN) issued prior to March 1, 2020
Low credit score and/or length of time in business will not exclude applicants.
Must operate and conduct business from zip codes 10029, 10035 or 10037 (Manhattan CB11 boundaries)
Currently OPEN, or able to open within 30 days of being authorized under NYC laws.
Funds are intended to pay: rent, utilities, payroll, insurance, and other operational expenses.
Funds are not intended to pay for tax arrears or third-party loans.
How much should I expect?
An amount equal, or close to, 3 months of rent, payroll, utilities, insurance and other operational expenses (up to $20,000).
What supporting documentation do I need to provide?
1. A 'statement of need' describing the business and how it was negatively impacted by COVID-19 and how the funds would be used to offset the related losses.
2. Six months of bank statements, ending July 31, 2020.
3. A duly completed and signed W9 form (digital signature allowed) accompanied by copy of the current NYS Certificate fo Authority (pink form), showing EIN validation prior to March 01, 2020.
4. A detailed description of any previous emergency assistance received due to COVID-19 (amount received, funding source, and how those funds were - or will be- applied). That information shall not disqualify you under this application.
5. To determine a fair amount of annual gross sales for your business, please provide a copy of monthly sales summaries (from your cash register), for 3 consecutive months starting January 31, 2020. If you cannot produce a cash register tally, then we would make an estimation based on your deposits into the business bank account.
6. To determine the extent of your lease arrears, please provide a copy of your current commercial lease (or residential, if a home-based business), and copy of a recent bill from your landlord. If you do not have a current lease or operate without a lease, you may submit the most current invoice from your landlord. No more than 25% of the residential lease and internet arrears can be covered by the grant.
7. To determine the extent of arrears with your employees, please provide a copy of the payroll register (or checks paid to employees) since January 1st., 2020. If you do not have employees, you may continue the application without that information.
8. To determine the extent of arrears with vendors and suppliers (including insurance), please submit a copy of invoices for utilities and vendors, since January 1st, 2020. If you cannot provide that information, you may submit related debits reflected on your bank statements.
NOTE: If you cannot provide ANY or SOME of the required information (above), you may submit an application with the information that you have and can support. Be advised that any amount considered will depend exclusively on the information you submit.
What else is included?
Funds are limited, so applications will be considered in the order they are received and will continue until funds are depleted. Your business must be currently open, or ready and willing to open, within 30 days of being authorized in accordance with Federal, State, and/or City regulations. If approved, under this Application, you will be duly informed by Union Settlement of the approved amount (by separate email). The Grant Approval Notice will ask for payment instructions to credit your bank account. All approvals are final and deemed accepted once we receive your payment instructions. You also agree, hereby, to fully collaborate with audits conducted, from time to time, by the Business Development Center for the purpose of verifying your compliance with the terms and conditions of this application. Only one application for business, please.
THE BUSINESS DEVELOPMENT CENTER
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