Are you experiencing financial hardship as a result of COVID-19?
Governor Michelle Lujan Grisham has declared a state of public health emergency in New Mexico as a result of the novel coronavirus disease (also known as COVID-19). In the midst of this unprecedented public health crisis, the negative impact to the economy has caused many individuals and families to suffer severe financial difficulties. The state of New Mexico and the Village of Ruidoso have taken measures to mitigate financial hardship and are diligently working to identify additional sources of relief and to advocate for a full measure of federal support.
Do you need assistance?
Below are resources to help you manage and mitigate disruptions caused by this global health crisis. This page will be updated as additional initiatives and information become available. These are local, state, and federal resources relevant to New Mexico businesses and employees.
FEATURED PROGRAMS
A friendly reminder for all New Mexico small business owners:
Less than two weeks remain for the application period to apply for $200 million in grants through the Local Economic Development Act (LEDA) Recovery Grants program, with each business eligible for a maximum of $100,000.Businesses have until noon on June 15, 2021 to apply. Grant applications will be reviewed after the deadline and will be prioritized based on the decline in revenue experienced by the business from 2019 to 2020. Read more. Need assistance or recommendations with your application? Connect with a Recovery Manager from NMFA for further assistance. Learn more →
Restaurant Revitalization Fund: Registration for the $28.6 Billion Restaurant Revitalization Fund (RRF) will begin Friday, April 30 at 9 a.m. EDT and SBA will begin accepting applications via the application portal on Monday, May 3 at 12 p.m. EDT. The application portal will remain open to any eligible establishment until all funds are exhausted. Learn more →
SBA: Shuttered Venue Operators Grant Program: The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance. Applications are now open. Learn more →
Paycheck Protection Program Forgivable Loans: provides small businesses with forgivable loans to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. The U.S. Chamber of Commerce has produced a helpful checklist detailing the Paycheck Protection Program from the CARES Act.
Paycheck Protection Program Application for forgivable loans. Applications open April 3. Learn more →
Economic Injury Disaster Loans for Small Businesses: New Mexico small businesses throughout all 64 counties and on all tribal lands may seek up to $2M. Apply through SBA. If you need assistance with filling out the application, you can work with the NM Small Business Development Centers.
New Mexico Economic Development Department (NMEDD) has developed a comprehensive summary guide about this loan to answer most questions.
SBA Express Bridge Loan: This loan allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork and a faster timeline.
NM Department of Workforce Solutions COVID-19 Unemployment Insurance: If you work for an employer that closed or reduced your hours to help stop the spread of COVID-19, you can file or reopen an unemployment claim.
SMALL BUSINESS SUPPORT
Detailed information about each of the following programs is available through the New Mexico Small Business Development Center.
Check out this helpful one-page summary guide put together by the Village of Ruidoso Community Development Department.
NMEDD BUSINESS COVID-19 PROGRAMS
COVID-19 Business Loan Guarantee Program
The New Mexico Economic Development Department (NMEDD) has created a program to assist businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19. NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000. Loan proceeds are flexible and can be used for (and not limited to) the following: working capital, inventory and payroll.
Process:
Borrower approaches their lending institution or locates a lender to discuss getting a loan or line of credit
Lender vets project and applies to the program
Lender and NMEDD sign agreement
Lender makes the loan
NMEDD guarantees the loan in case of default
Borrowers work with their lenders. Lenders apply to the program for a guaranty. Lenders can submit an application HERE.
Documents:
Contact: Johanna Nelson, Johanna.Nelson@state.nm.us or (505) 469-6204.
LEDA Zero-Percent Interest Loans
Limited to expenditures for land, building and infrastructure
Can be used for lease abatement or mortgage assistance
Company must be a qualified entity (manufacturer, non-retail service business with more than 50% of revenue generated out of state)
All loans will be required to provide security equal to the amount of the loan
For assistance with LEDA loans, find & contact your Regional Representative, or contact Mark Roper, Mark.Roper@state.nm.us or (575) 562-0327
Additional Resources
Workforce Resources
PUBLIC HEALTH UPDATES
Village of Ruidoso COVID-19 Updates
