This page will be updated every day as we find more aide programs.
STEPS A BUSINESS CAN TAKE FOR DISASTER ASSISTANCE:
- Include the disaster in your application – specifically name “COVID-19” or “Coronavirus”
- Apply online versus by mail
- Write your password down; neither the system nor any personnel are able to retrieve it.
- Save your work at every prompt. The website may go down periodically due to high volume. If this happens, try to login again at a later time.
- Do not rush through the application. Check and recheck the filing requirements to ensure that all the needed information is completed prior to submission. The biggest reason for delays in processing is due to missing information.
- Be sure to use the same contact information (business name and the name of all owners) that you use on your federal tax returns. Double check that they match.
- If your tax returns reference other businesses that you own, you must also submit those tax returns in order to avoid processing delay.
- If more funds are needed, applicants can submit supporting documents and a request for an increase. If less funds are needed, applicants can request a reduction in the loan amount.
- If the loan request is denied, the applicant will be given up to six months in which to provide new information and submit a written request for reconsideration.
(CARES) Act- Click for more information.
New Mexico is one of the first states to be approved for the SBA’s $50 billion disaster loan assistance program. Disaster loan assistance will be available for businesses in all 33 counties. Press release issued 3/17/20.
- SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance
- The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible (request for financial forms to make an assessment of cash flow and asset). The interest rate is 2.75% for non-profits
- Long-term repayments in order to keep payments affordable, up to a maximum of 30 years.
- Website: SBA.gov/disaster. 1-800-659-2955 or email disastercustomerservice@sba.
- Expected processing time: 2 – 3 weeks followed by 5 days for the first disbursement
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.
You will need to gather the following before applying for a loan or line of credit.
(This will provide a more accurate amount to request from the lender)
- Operating expenses for 3- 6 months, it should include rent, utilities, payroll, loan payments, etc. Make sure the Owner’s Draw/Salaries are included in the list of operating expenses.
- Accounts Payable not included in the operating expenses (i.e. unpaid bills).
- Accounts Receivables Amount
- Inventory loss amount (inventory that will expire, for example, perishables).
- Any additional information specific to your business (i.e. documentation of canceled events)
- Last year’s federal tax returns. If you have not filed for 2019. You will need your 2018 taxes as well as Profit and Loss statement for 2019.
Additional information required by lenders are three years of business financials, tax returns, profit and loss statements and a cash flow statement. Each lender may have other requirements. Keep in mind that this is a debt that will require repayment and with interest and is not a grant.
The SBDC is still assisting clients albeit remotely. You can contact the SBDC at firstname.lastname@example.org.
INTERNAL REVENUE SERVICE (IRS)
Yesterday the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (DOL) announced a plan to implement Coronavirus-related paid leave for small and midsize businesses to SWIFTLY RECOVER THE COST of providing Coronavirus-related leave. Employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.
Below are the key takeaways and the full release can be found on the IRS website here: https://bit.ly/2QDNgAq
Paid Sick Leave for Workers
- For COVID-19 related reasons, employees receive up to 80 hours of paid sick leave and expanded paid child care leave when employees’ children’s schools are closed or child care providers are unavailable.
- Employers receive 100% reimbursement for paid leave pursuant to the Act.
- Health insurance costs are also included in the credit.
- Employers face no payroll tax liability.
- Self-employed individuals receive an equivalent credit.
Fast Funds (Reimbursement will be quick and easy to obtain.)
- An immediate dollar-for-dollar tax offset against payroll taxes will be provided
- Where a refund is owed, the IRS will send the refund as quickly as possible.
Small Business Protection
Employers with fewer than 50 employees are eligible for an exemption from the requirements to provide leave to care for a child whose school is closed, or child care is unavailable in cases where the viability of the business is threatened.
- Requirements subject to a 30-day non-enforcement period for good faith compliance efforts.
To take immediate advantage of the paid leave credits, businesses can retain and access funds that they would otherwise pay to the IRS in payroll taxes. If those amounts are not sufficient to cover the cost of paid leave, employers can seek an expedited advance from the IRS by submitting a streamlined claim form that will be released next week.
State Assistance: Economic Development Department
Personal Income and Payroll Tax Extension
New Mexicans now have an extra 90 days to file and pay their 2019 personal income taxes in recognition of the economic hardships many are facing as a result of the COVID-19 pandemic. Taxpayers will have until July 15 to file and pay any taxes due.
The deadline for 2019 corporate income taxes also will be extended until July 15. In addition, the state is extending deadlines for employers to remit withholding taxes.
For more information, please visit the Tax and Revenue Department’s fact sheet here.
Emergency Paid Sick Leave and Paid Family Leave (federal)
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.
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
- Borrower approaches lender
- Lender applies to the program here: https://www.tfaforms.com/4810426
- 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.
- Lender Online Application
- Loan Guarantee Agreement between NMEDD & Lender
- Partner Lenders
- CBLG Guidelines for Lenders
- Program Quick Fact Sheet
- Federal W9
- Optional Direct Deposit Form (ACH)
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 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
NM FINANCE AUTHORITY: BUSINESS LOAN PARTNERSHIP PROGRAM
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.
Contact, John Brooks, 1-877-ASK-NMFA, or jBrooks@nmfa.net
Washington Federal: 5-year business lines of credit with 90 days interest-free to business affected by COVID-19
Facebook: Small Business Grants program – offering $100M in cash grants and ad credits
BBVA USA: is providing COVID-19 assistance including offering fixed-rate small business loans of up to $50,000 with first payment not due until 90 days after opening and allowing consumers and small businesses to request refunds of overdraft fees, deferred and extension payments on existing consumer and small business loans and credit cards.
New Mexico Tourism Department has reviewed select opportunities for emergency financial assistance in and outside of state and federal government programs and has also compiled active campaigns and initiatives to help small businesses. Full list here
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.
NEW MEXICO ENVIRONMENT DEPARTMENT:
In light of the March 11 public health emergency declared by Gov. Michelle Lujan Grisham, the New Mexico Environment Department Occupational Health and Safety Bureau is issuing the recommendations below to employers in the state.
The New Mexico Environment Department Occupational Health and Safety Bureau also recommends the following precautions for the workplace:
- Actively encourage workers to stay home or go home if they are sick and send workers with acute respiratory illness symptoms home immediately.
- Provide workers, customers and worksite visitors with a place to wash their hands.
- Train employees on: handwashing hygiene, cough and sneeze etiquette, avoiding touching your face, avoiding sharing personal items with co-workers (i.e., dishes, cups, utensils, towels).
- Minimize contact among workers, clients and customers.
- Do not allow workers to use another worker’s equipment.
- Maintain regular housekeeping practices, including routine cleaning and disinfecting of surfaces, equipment and other elements of the work environment.
- Discontinue nonessential travel.
- Develop an emergency communication plan and provide a forum for answering workers’ questions and addressing concerns.
New Mexico OSHA NMENV-OSHA@state.nm.us
Federal OSHA https://www.osha.gov/
Centers for Disease Control https://www.cdc.gov/coronavirus
NM REGULATIONS AND LICENSING DEPARTMENT:
For questions and/or concerns related to COVID-19 or for exception requests to any licensure requirements due to COVID-19 concerns, you will be directed to send their concerns in writing to the appropriate board or commission email address, to ensure that all matters are properly tracked and submitted to the appropriate board or commission.
Individual board or commission websites are located at the following internet link: http://www.rld.state.nm.us/boards/
Board of Pharmacy
New Mexico Board of Pharmacy-licensed pharmacists and facilities not signed up to receive e-alerts should consider requesting to be added to the list (e-mail request to: Cheranne.email@example.com)
Consider registering to receive NM Department of Health information via the Health Alert Network (HAN) through which healthcare providers receive urgent messages regarding evolving outbreak situations and recommendations. https://member.everbridge.net/index/453003085613008#/signup
Alcoholic Beverage Control Division
ABC is open for business, but is recommending that all interaction with division be by email, phone or U.S. mail rather than in person. We will try to schedule any meetings telephonically. Our number is (505) 476-4875.
Construction Industries Division and Manufactured Housing Division
CID and MHD continue to service these needs however, both divisions are implementing social distancing, general health safety policy, teleworking, and the use of technology such as Cisco Webex Meetings / FaceTime when possible.
Field staff (Inspectors) will continue to provide the life/safety services necessary to keep our citizen safe in their homes and places of business. As this pandemic evolves the Divisions will continue address any issues as arise.
Financial Institutions and Securities Division
Questions and concerns will be addressed via email or by phone, all contact information is available at rld.state.nm.us.
EMERGENCY PLANNING AND COMMUNITY DEVELOPMENT
- SBA Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease
- 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