CARES Forgivable Loan Program Extended
Submitted by Lauren Ferrigno
Mayor Raymond Giacobbe, the Rahway City Council and the Rahway Arts and Business Partnership originally created the Rahway CARES (Coronavirus Aid, Relief, and Economic Security) Forgivable Loan Program in May of 2020 and were able to distribute more the $250,000 in forgivable loans to small businesses throughout the city. To continue to support local businesses during the extended restrictions, compounded by the winter season, the City is continuing to provide monetary support by allocating an additional $250,000 to provide an extension of the CARES Program. Each eligible business will be able to receive up to $4,000.
“The COVID19 pandemic has wreaked havoc among small businesses all over the country and the City of Rahway is no different. Over the last year, I have seen many of our local businesses struggle and unfortunately some have closed their doors,” Mayor Giacobbe stated. “It is my belief that, at the city level, we have a responsibility to assist our small businesses in any way that we can during these unprecedented times, which is why the City of Rahway has allocated a total of $500,000 to the Rahway CARES Forgivable Loan Program to financially aid small businesses.”
Eligible businesses must be in the Special Improvement District (SID), with 20 or fewer full-time employees and be in business for at least one full year. Companies can use the grants for a range of recovery activities, including rent payments, operational costs, defraying marketing costs, and covering employee wages. National franchises, non-profit organizations, and some professional services are ineligible.
The program is administered for the City of Rahway by the Union County Economic Development Corporation, and SID assessment provides funds for the program. Assistance is available in the form of a forgivable loan. The loan is not repayable unless you move, sell, or close your business during the first two years after the loan is approved.
For more information, please contact Lauren Ferrigno, City of Rahway Public Relations Coordinator at lferrigno@cityofrahway.com or
732-882-5399.
