CORONAVIRUS MICROENTERPRISE LOAN APPLICATION

COVID -19 FUNDS (CDBG-CV)

Small businesses with 5 employees or less located in the East Franklin section of Franklin Township as delineated within the boundary map below are eligible to apply for a grant of up to 10,000 per brick and mortar business. The program provides short term working capital assistance to enable the viability of the business and the retention of jobs during the interruption of business related to the impact of the coronavirus pandemic and resulting social distancing.

GRANT ELIGIBILITY CRITERIA

• Business size eligible for assistance- 5 employees or less including the owner
• Located in the East Franklin Section of Franklin Township
• Brick and mortar business  structures
• Business owner may own or rent the structure
• Business owner or certain business employees must meet CDBG income criteria
• Business must have a current State of New Jersey Business Certification  and a valid business permit if required by Franklin Township
• Business must be willing to retain in employment either full-time or part-time employees an equivalent of at least 1 full-time low or moderate income Franklin Township resident for a period of 3 years. The number of employees to be retained a minimum of 1 FTE employee.
• Business must submit a salary schedule for each position on staff that meets the income guidelines included in this package.
• Business loan is forgivable after a three year period provided that grant conditions are met.
• Business must agree to a six month initial monitoring and 2 annual monitoring for compliance for loan forgiveness.
• Business must certify to none duplication of benefits, that CARES Act funding has not been received from another source.
• Business must have a DUNS number registered at Dun and Bradstreet, if not you must register for one https://www.dnb.com/duns-number/get-a-duns.html

AREA OF ELIGIBILITY

The area from Hawthorne Street at Hamilton Street  to Somerset Street and Churchill Street encompassing Census Tracts 532 and 533 in Franklin Township.

OWNER INCOME ELIGIBILITY- Somerset County Low Income Limits (80%)

EMPLOYEE INCOME ELIGIBILITY

Please identify employees of the business by title and position as utilized in the business; please provide job description, duties and salary range for each position. Employees must have incomes within the ranges stated below for a family of one in Franklin Township Somerset County. Do not count total family income for the employee household only the earnings as employed by your business for which you are seeking business assistance.

SOMERSET COUNTY SECTION 8 INCOME LIMITS FOR A FAMILY OF ONE

ADDITIONAL CRITERIA

Each application submitted will receive a number, each application deemed complete after review by Township staff will be entered into a lottery drawing.  Applicants will receive their number upon submission and will be notified via email if application is deemed complete for the lottery. Final applicants will be able review lottery results on the Township web page at the Community Development Block Grant tab. Applicants not selected will be retained in order selected should additional grant funds become available.

APPLICATION SUBMITTAL

Completed applications will be included in a lottery drawing and will be funded based upon the drawing results.

REQUIRED DOCUMENTATION

• MICROENTERPRISE LOAN APPLICATION
• COPY OF THE APPLICANT BUSINESS’ES CURRENT NEW JERSEY BUSINESS CERTIFICATION AND FRANKLIN TOWNSHIP BUSINESS REGISTRATION IF APPLICABLE
• INTERNAL REVENUE SERVICE (IRS) W-9
• BUSINESS QUARTERLY FEDERAL TAX RETURN DATED DECEMBER 31, 2019
• BUSINESS QUARTERLY FEDERAL TAX RETURN DATED MARCH 31, 2020
• BANK STATEMENTS
• CURRENT BALANCE SHEET
• DUNS NUMBER

DO NOT PROCEED WITH THE FORM UNTIL ALL DOCUMENTS ARE UPLOADED. 

Business Organization Information

JOBS AFFECTED

The calculation of full-time equivalent (FTE) is the total employee scheduled hours divided by 40 for the 40-hour full-time workweek. Example: if you have three employees who work 20 hours, 20 hours and 40 hours respectively (or a combined 80 hours), you have 2 FTE’s. 

MONETARY IMPACT

Please list any individuals or other businesses that have ownership.

Complete for each:

1) proprietor or limited partner who owns more than 20% or more interest and each general partner, or 2) stockholder or entity owning 20% or more voting stock.

Owner  1 Information 

OWNER QUESTIONNAIRE

For the applicant business and each owner listed in Section 4 please respond to the following questions.

COVID-19 IMPACT AND CDBG-CV FUNDING UTILIZATION CONFIRMATION

COVID – 19 IMPACTS TO BUSINESS 

CDBG-CV FUNDING UTILIZATION CONFIRMATION

The Township of Franklin will utilize this form to determine the eligibility of expenses. Please provide complete information on how funds will be expended.

CARES ACT FUNDING SELF CERTIFICATION

The Department of Housing and Urban Development has provided direction that CDBG-CV funding is not to be awarded to any activity that has received, has been approved for, or  plans on applying for CARES Act funding from any other source.

As such, businesses that have received, been awarded or plans on applying for CARES Act Funds from any other source is not eligible for CDBG-CV funding.

Applicants are required to self-certify that they have not, and will not be, receiving CARES Act funding from any other source. The duplication of benefit from CARES  Act funds will cause the ineligibility of the applicant and require the immediate repayment of funding loaned and /or forgiven  from the Township of Franklin Coronavirus Microenterprise Loan Program.

I, We certify under penalty of perjury that the above named business and owners of the business have not received, have not been awarded, and will not be applying for CARES Act Funds from any other source, I, We are aware that there are penalties for willfully and knowingly giving false information on an application for federal funds, which may include immediate repayment of all federal funds received and/or precaution under the law. I, We understand that the information on this form is subject to review by Township staff and federal personnel as part of compliance monitoring.

AGREEMENTS

I/We understand that this application will be used by the Township of Franklin to assess which resources might be appropriate and available for my/our business and that we are not guaranteed a loan or any form of financial assistance.

I/We understand that additional information and documentation may be required to assist the Township of Franklin in assessing which resources might be appropriate and available for my/our business and/or in making a determination regarding Micro Loan financial assistance. I/we will be advised in writing as to such required information and documentation.

I/We   authorize the Township of Franklin to verify information provided in this application, and additional information or documentation submitted, as needed to process and service Micro Loan financial assistance. This includes authorization for my/our insurance company, bank, financial institution, or other creditors to release to the Township of Franklin all records and information necessary to process this application.

I/We understand that if Micro Loan financial assistance is provided for my/our business that I/We will be required to certify compliance with applicable federal, state and/or local regulations that may include but not be limited to:

• Project Assurances
• Debarment/Suspension Certification
• Environmental Certification
• Non-Discrimination Certification
• Person Completing Certifications
• Family Size and Income Limits for Somerset County

I/We authorize the Township of Franklin as required by the Privacy Act, to release any information collected in connection with this application to Federal, state, local, tribal or nonprofit organizations for the purpose of assisting me with my/our Township of Franklin Micro Loan Fund application evaluating eligibility for additional assistance, notifying me of the availability  of such assistance.

I/We understand that if Micro Loan financial assistance is approved, additional information and/or documentation may be required prior to closing and funds disbursement.

I/We understand that only one person may submit this application on behalf of a business and that only one form may be submitted per business.

Acceptance of Conditions

Additional Business Owners MUST also certify and sign an agreement.

If additonal owners are present and able to complete signature form, Click here.  WARNING, THIS WILL OPEN A NEW BROWSER TAB, PLEASE DO NOT CLOSE THE COVID MICROENTERPRISE LOAN APPLICATION BROWSER TAB BEFORE CLICKING SUBMIT.

If additional owners are not present, please copy this link and send an email to each co-owner, so this form can be completed.

https://franklintwp.seamlessdocs.com/f/CDBG_COVID_LOAN2 

******WARNING, APPLICATION IS NOT CONSIDERED COMPLETE OR ACCEPTED UNTIL ALL BUSINESS OWNERS SIGNATURE FORMS ARE RECEIVED******

*You will LOSE your work if you:

• Close the web browser BEFORE submitting
• Close the tab BEFORE submitting