Friday, May 8, 2020
CITY OF NEWPORT APPROVES FIRST APPLICATIONS FOR SMALL BUSINESS EMERGENCY ASSISTANCE PROGRAM
City responding to COVID-19 crisis
FOR IMMEDIATE RELEASE
May 8, 2020
Assistant City Manager
City of Newport
NEWPORT, KY - Eleven businesses will receive $2,000 each under a small business emergency assistance program the City of Newport launched due to the disruption of the economy caused by the COVID-19 crisis.
Newport created the Emergency Business Assistance Program in early April to offer incentives of up to $500 a month that small business owners and operators can use for rent, lease or mortgage payments during the business closures ordered due to the virus. Funding comes through the city's general fund and through the federal Community Development Grant Block (CBDG) program. Applications for the incentive program will be accepted until May 22.
Among the businesses receiving the incentive was Sis's Family Restaurant on Monmouth Street, a favorite among local residents, business owners and visitors to the city that is known for its home cooked food and live music performances.
"I'm just so grateful for what the city is doing for my business and other businesses in Newport during this very difficult time," said Sis's owner Sandy Schweitzer. "This is another example of how the city appreciates and supports small businesses in Newport."
Other businesses approved for the incentive are:
"Small businesses are a tremendous and important part of Newport's economy and history," said Newport Assistant Manager Larisa Sims, who developed the concept of the incentive program. "They provide jobs, generate taxes and investment, attract visitors and help create the wonderful and inviting neighborhood feel Newport is known for.
"Small businesses do so much for the city, that we wanted to do something for them during this unprecedented health and economic crisis," Sims said.
All submitted applications will be reviewed by the economic development team. If preliminary approved is given by the economic development team the application will be presented to the City Manager for final approval.
Information about other small business assistance programs offered by the state and federal governments can be found here.