Village of Ruidoso to Begin Disbursing CARES Act Grant Funds to Local Businesses
October 10, 2020 – In an effort to help small businesses that have been impacted by the COVID-19 pandemic, the Village of Ruidoso recently applied for and received $2,787,792 from the State of New Mexico. Of that amount, $1,171,500 was earmarked specifically for loans to small businesses in the Village that have suffered economic hardship during the past seven months.
During the two-week application period, the Village of Ruidoso received 76 applications from local businesses with funding requests that totaled $1,316,379.73. In total, 74 of the 76 requests were funded and the full amount of $1,171,500 was awarded to those that applied. At Tuesday’s regularly scheduled Village Council meeting, the Village Council will approve the award of the grants, and businesses will be notified immediately.
Once the Village Council approves the award of the grants, businesses will be instructed to contact Yvonne Bartz at Village Hall to set-up a time to bring the required documentation to Village Hall to execute the grant agreement. Execution of grant agreements will begin on Thursday, October 15th.
Businesses that receive grant awards are required to have the following documentation with them upon execution of the grant award:
Certificate of Good Standing from the Secretary of State’s Office
Copy of your payroll to include March 1, 2020
Most recent payroll at the time of application
Documentation of March and April 2019 total gross receipts
Most recent taxes documenting net taxable income
Unemployment insurance tax documentation for the fourth quarter of 2019
Completed W9 Form
Voided check or bank letter with Account/Routing Info (if applicable). Payments will be made directly into the small business bank account.
