Required Documentation « The City of Lakewood, Ohio -
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Additional Information


Required Documentation

If you meet the eligibility requirements, review these steps to help you prepare to apply for the program:

 1. Gather Required Business Financial Documentation

Established businesses must provide:

* Lease or rental agreement for the business location
* Most recent certified/signed payroll statement
* Profit and loss statement for the period 1/1/2020 to 6/30/2020
* Profit and loss statement for period 1/1/2019 to 6/30/2019
* Federal Tax ID if applicable

   

2. Review HUD Income Guidelines

To participate in the program, applicants’ household income must fall under the below 2020 Income Guidelines (issued by the Department of Housing and Urban Development for the Cleveland/Elyria MSA)

Household Size 80% AMI (Moderate)
1 person $42,600
2 persons $48,650
3 persons $54,750
4 persons $60,800
5 persons $65,700
6 persons $70,550
7 persons $75,400
8 persons $80,300

 

 3. Gather Income Documentation

To establish that the participating business owner meets the HUD Income Limits, applicants are asked to complete a Statement of Household Income (see forms) and provide:

  • A COPY of the last four most recent paycheck stubs for any household member 18 years and older who is occupying the home (does not apply to the business owner unless the owner receives income from another job).

*The paycheck stubs must have the year-to-date gross income listed and pretax deductions for health care, retirements etc…

  • Household members 18 years of age or older and paid in cash or by personal check, you must provide a letter from your employer stating your year-to-date pay. This letter must be on company letterhead. Include phone, email and the employer’s fax number for verification.
  • A COPY of all other sources of income for ALL members of the household that are 18 years and older, including but not limited to current Social Security/SSI benefit letter and Unemployment checks/statement alimony received. Also include any other retirement pension statements.
  • A COPY, for ALL HOUSEHOLD MEMBERS, of three months of bank statements for all taxable earnings from sources including checking accounts, savings accounts, money market, employer card, reload cards, etc.
  • A COPY of the most recent year tax return for each adult member (18 years and older) including the applicant

 

4. Prepare Answers to these Supplemental Questions

Emergency Need

  • Describe the negative impact the COVID-19 pandemic has had on your business. Include the number of employees that have been laid off, if any.
  • Explain how the funding will help your business remain viable and prevent layoffs.
  • If applicable, describe how will you create new lines of business and services to meet new demand during the COVID-19 pandemic and the number of new jobs created.

Duplication of Benefits

  • List any other funds you have received or are receiving and the amounts and sources of those funds and total amount (e.g. SBA loan, IRS Employee Retention Tax Credit, unemployment insurance benefits, etc.).
  • An application for, or receipt of, funds from a State or Federal assistance program does not disqualify you from receiving funds from the Small Business Relief Program. However, a grant received through this program may not be used for the same business purposes as funds received from other assistance programs (i.e. ‘double-dipping’ is not allowed).
  • Explain how these funds will be used particularly if the funds were or may be used for rent payments