Newark’s Fair Economic Stimulus Package Aims to Help Small Businesses After Pandemic
Newark’s stimulus package was presented by Mayor Ras Baraka during a zoom meeting on Thursday afternoon.
Its “fair economic stimulus package” aims to bounce back from the pandemic but also to grow Newark in all possible positive directions for decades to come, “Baraka said.
$ 8.8 million will be used in Newark to get businesses that suffered losses from the pandemic back on their feet and help families recover.
Unemployment in the city of Newark soared to 19% when COVID-19 forced the shutdowns.
Much of that money will come from President Biden’s US bailout.
It is combined with large donations from local corporations like Prudential which has been in Newark since 1875.
It’s all part of a plan to make Newark an even better place to work and live.
“People spend their money outside of Newark City. There are some areas where hundreds of millions of dollars, like this section, spend hundreds of millions of dollars outside of Newark City in other municipalities. because of the lack of business we need to develop more business in the city, ”Baraka said.“ Now when the businesses that we have are closing people lose their ability to pay because they have lost their jobs.”
Prudential highlighted a barber shop and a telephone breakdown company, and Eyewitness News planned to follow these businesses in their recovery.
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