This page will be updated as we find more aid programs.
New Mexico Recovery Loans with thew New Mexico Finance Authority (NMFA):
$400 million made available from permanent funds by the New Mexico Recovery Act passed in this year’s special session, establishing low-interest, borrower friendly loans. NMFA and “Partner Banks,” together, share risk while lowering the overall cost of borrowing for the business. NMFA will offer low-cost rates on its portion of the loan to a New Mexico business. For more info go to www.nmfinance.com
New Mexico Recovery Fund:
$100 million available for below-market loans from the Severance Tax Permanent Fund. For more info go to www.sunmountaincapital.com
New Mexico Small Business Investment Corporation Loans:
New Mexico Economic Development Department
Over $10 million available for local small businesses in partnership with community banks. For more info go to https://gonm.biz/about-us/covid-19-response/
- LEDA ZERO-PERCENT INTEREST LOANS
Limited to expenditures for land, building and infrastructure no interest loans
- 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, or a retail business in a community of less than 15,000 in population)
- 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
Small Business Association (SBA)
Visit the SBA website to get more information on the coronavirus relief options or click on the link of the listed programs below to get details:
· Paycheck Protection Program deadline for round 2 is March 31
Additional State Assistance
All Together NM Fund: to help with the procurement of food, medical and cleaning supplies for at-risk communities, support for child-care workers supporting front-line employees, and grants to address income insecurity among smaller businesses and employees affected by COVID-19.
Buy for Tomorrow Today: Support local NM businesses by purchasing gift cards.
(CARES) Act- Click for more information.
New Mexico Department of Health
The county-by-county framework will permit counties – and the businesses and nonprofit entities within their borders – to operate under less restrictive public health measures when health metrics demonstrating the extent of the virus’ spread and test positivity within those counties are met. Below is the link to see the states red to green framework.
NM DEPARTMENT OF WORKFORCE SOLUTIONS ASSISTANCE:
THE FAMILIES FIRST CORONAVIRUS RESPONSE ACT (Effective March 19, 2020)
The Families First Coronavirus Response Act expands access to emergency paid sick leave to as many as 87 million U.S. workers and extends paid family leave to ensure that workers can care for their children without sacrificing their paycheck. Many of these workers currently have no paid leave and are being forced to choose between their paycheck, their health, and the health of the people around them. This is a critical step toward protecting families’ financial security and mitigating the spread of the coronavirus.
Sick Leave: Full-time employees are entitled to two weeks (80 hours) of fully paid time off (up to $511 per day) to self-quarantine, seek a diagnosis or preventive care, or receive treatment for COVID-19
Family Leave: Eligible full-time employees and part-time employees are entitled to 12 weeks of job-protected leave to take care of their children in the event of a school closure or their child care provider is unavailable due to COVID-19.
Eligibility: Employees at companies with fewer than 500 employees
- State and local government employees and certain federal government employees
- Employees who work under a multi-employer collective agreement and whose employers pay into a multi-employer plan
Full fact sheet from House Appropriations here.
- CDC Interim Guidance for Businesses and Employers
- The International Economic Development Council teaches a class and has published an extensive guide for communities in crisis. Download the Guide.
- New Mexico MainStreet Coronavirus Resources
- Philanthropy’s Response for COVID-19
- SMBs Survival Guide: Best 8 Financial Tools to Combat COVID-19
- Additional resources and providers can be found in the NMEDD Resource Directory
STEPS A BUSINESS CAN TAKE FOR DISASTER ASSISTANCE:
- Check with your insurance agent to see if you have Business Interruption Insurance.
- If you will need to lay off employees or reduce their hours, instruct employees to go to jobs.state.nm.usto apply for unemployment benefits. See attached COVID-19: Information and Resources for Business Assistance.
- If you have an existing loan, ask your lender if you can make interest-only payments for the next six months. If you need operating capital due to COVID-19, ask them for additional loan monies or a line of credit.
- If you don’t have an existing loan or line of credit talk to your business banker and see if you qualify.
- If you are denied a line of credit or loan with your bank, your next step would be to apply for the SBA Disaster Loan Assistance.