Every day, there is new information regarding the Corona Virus and COVID-19. As we continue to respond to the need for social distancing and protecting our customers and clients, we feel it's important to continue to provide you with vital information that will help you and your business.
Please take a moment to look through the information below. We are doing our best to provide you with links and information that can be helpful.
(updated October 7th, 2020)
Coronavirus and USDA Assistance for Farmers
Expansion of the Coronavirus Food Assistance Program begins Sept. 21. Customers seeking one-on-one support with the CFAP 2 application process can call 877-508-8364 to speak directly with a USDA employee ready to offer assistance.
The Main Street Lending Program for Nonprofits
The Main Street Lending Program is designed to help credit flow to small- and medium-sized for-profit businesses and nonprofit organizations that were in sound financial condition prior to the pandemic.
EDD Staff Supports Local Business and Community Development
Regional Representatives help businesses and communities navigate state resources
SANTA FE, N.M. –The Economic Development Department has a complete network of economic development experts around the state that are uniquely qualified to assist local governments and community organizations as New Mexico works toward a sustainable recovery.
Economic Development Cabinet Secretary Alicia J. Keyes said the Community, Business & Rural Development program was created by the Legislature to provide the EDD with an expert assigned to each regional economic planning district. When first created, each regional representative had an office in Santa Fe.
Today, there are six Community, Business & Rural Development employees at EDD, working full-time throughout the state. They are known as regional representatives, and are located statewide, with EDD staffers living in Las Cruces, Roswell, Mora, Albuquerque, Bernalillo, and Santa Fe. They assist businesses and communities in a broad variety of economic development needs, providing local support and knowledge within their designated regions.
"The regional reps are EDD's boots-on-the-ground in all corners of the state," Cabinet Secretary Keyes said. "They know their communities, they are trusted in their communities, and they are an especially important resource to businesses and local organizations during the health emergency, helping to provide information and assistance as we move forward."
The team specializes in areas such as passing and using the Local Economic Development Act (LEDA) which primarily provides brick and mortar funding for job creation; community infrastructure financing assisted by FUNDIT; starting and maintaining Business Retention & Expansion (BRE) programs; workforce training through the Job Training Incentive Program (JTIP); the LEADS grant program, which funds projects with quick impacts; assisting communities in locating new companies with the support of the New Mexico Partnership; help resolving state regulatory issues; and improving access to other EDD programs such as MainStreet, Arts & Cultural Districts, and the Frontier & Native American Communities Initiative.
The EDD recently reconfigured some of the program's regional boundaries and has just become fully staffed, replacing a newly retired representative in Las Cruces.
Louise Marquez covers Catron, Doña Ana, Grant, Hidalgo, Luna, Sierra, and Socorro Counties. She is the newest member of the team, but not to working in service of her community. "I've been in community and economic development since 2005. I am very passionate about economic development, because I know that economic developers help real people realize lifelong goals and dreams. I consider myself very blessed to be able to do this work."
FSMB Foundation COVID-19 State Response Grants
FSMB Foundation COVID-19 Grants are designed to offer state medical and osteopathic boards and other health care organizations funding support for the study of state responses to the COVID-19 pandemic. The long-term goal of the program is to support the development and implementation of sustainable models and policies that can guide state preparedness and responses to similar emergencies in the future, as well as their capacity for recovery planning.
More information can be found here
FEMA Lost Wages Grants
Federal Emergency Management Agency (FEMA) Lost Wages Grants, funded through the Disaster Relief Fund (DRF), are available to states to provide financial assistance to individuals who have lost wages due to the COVID-19. New Mexico is among the first few states to be eligible for these grants.
NM Safe Certified Training
NM Safe Certified provides businesses with an on-demand virtual COVID-Safe Training Program to help ensure all New Mexicans remain safe as the state reopens for business and recreation. NM Safe Certified provides a recognizable brand across all industries to assist in building consumer confidence.
LISC Small Business Relief Grants
Business Relief Grants support small businesses and enterprises affected the Covid-19 across the country, especially in underserved communities, including entrepreneurs of color, and women- and veteran-owned businesses that often lack access to flexible, affordable capital.
Small Business Recovery Act Loans Frequently Asked Questions
Now open: Small Business Recovery Loan Fund
The Small Business Recovery Loan Fund is now open for applications. To submit your application and for more information, visit
www.nmfinance.com.
La aplicación del fondo de préstamos para la recuperación de pequeñas empresas ya está abierta. Haga clic aquí para aplicar. www.nmfinance.com
Helpful tools at www.nmfinance.com:
· An informative video that walks you through the application process
· A list of required documents needed in electronic format
· Frequently asked questions and answers
· A recorded webinar for applicants with more information
Important things to remember:
· The application cannot be saved, so be sure you have everything you need before starting.
· If you are unable to complete the application and lose your work in progress, you may start another application.
Visit www.nmfinance.com or email Recovery@nmfa.net
What is the Small Business Recovery Loan Fund?
This loan fund was created by the Small Business Recovery Act of 2020 (June 2020 Special Session) and signed into law by Governor Michelle Lujan Grisham on July 7th.
The $400 million program provides low-interest loans to businesses that experienced financial hardship due to the public health order resulting from the COVID-19 pandemic.
The three-year loans may be used for a variety of expenses, do not require personal guarantees or collateral, and have no payments for the first year.
Please note that this is a loan program, not a grant program.
The application will be open until December 31, 2020 or until funds are gone, whichever comes first.
Applications will be processed on a first-come, first-served basis.
For more information, visit www.nmfinance.com.
Questions? Please email recovery@nmfa.net
New Mexico Finance Authority
207 Shelby Street, Santa Fe, NM 87501
Phone: (505) 984-1454, Email: recovery@nmfa.net
www.nmfinance.com
Grassroots Exchange Fund
In response to the COVID-19 pandemic, the The Grassroots Exchange Fund is supporting community organizations that need to adjust their networking, collaboration, or organizing strategies. Examples include online meeting or organizing technology and training, language translation and interpretation, emergency stipends for organizers and grassroots leaders, and PPE (personal protective equipment) or other supplies to enable safer in-person meetings, etc. Requests will be reviewed twice monthly through November 2020.
COVID Relief Resources
The covidcap.com database contains over 1,400 listings totaling over $1 trillion in grants, debt, and other cash equivalents. Now also includes listings for non-financial support for entrepreneurs.
Coronavirus Relief Fund (CRF) Q&A
Common questions and answers from the Federal Government regarding the CRF.
Wells Fargo Open for Business Fund
Wells Fargo is donating approximately $400 million in Paycheck Protection Program processing fees through a new program to support small businesses owned by people who have been hit hardest by COVID-19. The fund is open to nonprofits who serve businesses owned by racially and ethnically underrepresented individuals and nonprofits that focus on lending to these businesses are eligible for the initial grant cycle.
Child Care Stabilization and Recovery Grant
The New Mexico Child Care Stabilization and Recovery Grant will provide immediate relief and support to eligible child care providers across New Mexico. The grants will cover lost income resulting from closure, response and recovery operation costs (including enhanced cleaning and sanitation), and other expenses. Application available in English and Spanish online.
The Employee Retention Credit
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.
GameAbove Capital
GameAbove Capital is a new $50 million private venture fund focused on minority and women-operated businesses engaged in sustainability-related products and services.This gap-closing fund is being launched to provide further stability for companies impacted by coronavirus and to add further value to enterprises successfully engaged in environmental solutions and sustainability.
EIDL Loans Open for Applications
The SBA is still accepting new Economic Injury Disaster Loan (EIDL) applications to qualified small businesses and agricultural businesses.
Applications previously submitted will continue to be processed on a first-come, first-served basis.
Small Business Administration Assistance
For information on PPP and all the SBA loan programs go to SBA.GOV
For information on the state assistance, including the COVID-19 Loan Guarantee Program and the No-interest LEDA loan program, go to the EDD website, GONM.BIZ
For technical help and advice on SBA programs and loan applications go to NMSBDC.org.
For a list of SBA lending partners go here.
For comprehensive information from the State of New Mexico on the COVID-19 health emergency, including data, testing, economic, and food assistance, go to NEWMEXICO.GOV
SBA's Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Non-Profits Impacted by COVID-19 Pandemic
WASHINGTON – To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today.
"The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses and non-profits that are facing economic disruption due to the COVID-19 impact. With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low interest loans and emergency grants – reducing the economic impacts for their businesses, employees and communities they support," said SBA Administrator Jovita Carranza. "Since EIDL assistance due to the pandemic first became available to small businesses located in every state and territory, SBA has worked to provide the greatest amount of emergency economic relief possible. To meet the unprecedented need, the SBA has made numerous improvements to the application and loan closing process, including deploying new technology and automated tools."
SBA's EIDL program offers long-term, low interest assistance for a small business or non-profit. These loans can provide vital economic support to help alleviate temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.
SBA's COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance
· The SBA is offering low interest federal disaster loans for working capital to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19 in all U.S. states, Washington D.C., and territories.
· These loans may be used to pay debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
· To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.
· In addition, small businesses and non-profits may request, as part of their loan application, an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.
· SBA's EIDL and EIDL Advance are just one piece of the expanded focus of the federal government's coordinated response.
· The SBA is also assisting small businesses and non-profits with access to the federal forgivable loan program, the Paycheck Protection Program, which is currently accepting applications until June 30, 2020.
For additional information, please visit the SBA disaster assistance website at SBA.gov/Disaster.
No-Interest LEDA Loans Approved For New Mexico Businesses
Program Helps Support Jobs Through COVID-19 Emergency
SANTA FE, N.M. –Four additional companies are in the process of receiving no-interest economic development assistance through a No-Interest LEDA loan program established by Gov. Michelle Lujan Grisham, Economic Development Department Cabinet Secretary Alicia J. Keyes announced on June 15th.
Before the federal government passed the first CARES Act, Gov. Lujan Grisham worked with the New Mexico Economic Development Department to craft the program, which allows no-interest loans through the Local Economic Development Act (LEDA).
To date, the new LEDA loan program has assisted five New Mexico businesses with a total of more than 100 employees. The program will provide $1.4 million in assistance.
"These LEDA dollars are being invested throughout the state to help smaller companies maintain operations and pay employees. LEDA and other economic assistance programs are some of the tools New Mexico needs to reach a full economic recovery," Cabinet Secretary Keyes said.
The Legislature has restricted LEDA to economic base businesses and expenses related to land, buildings, and infrastructure, including rent abatement. Those interested should contact Mark Roper, EDD's Finance Division Director, at mark.roper@state.nm.us. You
can learn more about LEDA qualifications on EDD's LEDA web page.
Governor Lujan Grisham also approved the COVID-19 Business Loan Guarantee Program. Under this initiative, the state can assist businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19. EDD 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 (but not limited to) working capital, inventory, and payroll.
As of mid June, 43 businesses have secured guarantees for a total of $2.1 million in lending.
For more information contact EDDFinance@state.nm.us.
All Hands, New Mexico:
(Albuquerque, NM) – As the state continues its efforts for economic recovery from the COVID-19 pandemic, the New Mexico Department of Workforce Solutions (NMDWS) and New Mexico Workforce Connection Centers (NMWC) are here to help businesses quickly fill their vacant positions with skilled workers they can depend on through the initiative All Hands, New Mexico!
"As Governor Lujan Grisham oversees the re-opening of New Mexico's economy safely it is important for New Mexicans to know what jobs are now available," said NMDWS Cabinet Secretary Bill McCamley. "Getting back to work means earning a paycheck and providing needed services so that our communities stay healthy as we recover economically."
Businesses across New Mexico who are looking to hire workers to meet a surge in demand for well-qualified workforce talent can quickly post their positions by filing out a short hiring intake form on the NMDWS website at https://www.dws.state.nm.us/COVID-19-Post-Jobs. Local NMWC Business Representatives will work closely with each business to ensure all job posting information is collected, search for qualified candidates within the New Mexico Workforce Connection Online System, conduct any necessary screening, and help employers shorten the hiring process.
All Hands, New Mexico! is designed to connect New Mexico workers with New Mexico businesses that have urgent hiring needs. Many talented job seekers who lost their job or had hours reduced as a result of COVID-19 and are looking for their next career opportunity may register within the New Mexico Workforce Connection Online System at www.jobs.state.nm.us. Here, a job seeker can upload their resume, highlight their transferable skills, and list previous work experience that NMWC Business Representatives will utilize in their search for qualified candidates to recommend to the businesses they are assisting.
Businesses may also obtain information from NMWC on available resources to support upskilling and/or providing training to existing workers, assistance with interviewing, hosting virtual job fairs, and more. To learn more, contact the local NMWC office near you at https://www.dws.state.nm.us/en-us/Office-Locations.
Paycheck Protection Program:
The U.S. Small Business Administration has resumed accepting PPP loan applications from approved lenders on behalf of any eligible borrower. Updated information with new eligibility criteria can be found online here.
SELF-EMPLOYED, INDEPENDENT CONTRACTORS, AND GIG ECONOMY WORKERS ANNOUNCEMENT: The application for Pandemic Unemployment Assistance (PUA) is now available. The link "Apply for PUA Benefits" will appear in the left navigation on your Unemployment Insurance claim homepage only if you have completed step 1 (applying for regular state Unemployment Insurance) and were deemed ineligible on your "Monetary Determination."
More info in FAQs at https://www.dws.state.nm.us/COVID-19-Info
Buy Today for Tomorrow!
Local businesses can be a part of the "BUY TODAY FOR TOMORROW" campaign. Community members can buy vouchers from local companies to use later when businesses open.
To Register your Company or to see the selection of local businesses participating, go to: buynmlocal.com
Resources for Businesses Impacted by COVID-19
N.M. Small Businesses Urged to Apply Quickly for Federal Stimulus Loans. New Mexico small businesses in financial distress due to the coronavirus crisis are encouraged to apply as soon as possible for loans made available under the federal stimulus bill.
Economic Injury Disaster Loan Program
A small business can borrow up to $2 million, with an immediate grant advance up to $10,000 that can distributed in three days to a business.
Small businesses can apply for the loans through the U.S. Small Business Administration at https://disasterloan.sba.gov/ela/
SBA's Small Business Development Centers
There are 19 centers in New Mexico, and they offer instruction and guidance on how to apply for the loans. The website for the centers is www.nmsbdc.org
The SBA will forgive Paycheck Protection Program loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities. A small business must work through its lender to apply for a loan. For more information, go to www.sba.gov/paycheckprotection
Federal Resources for Small Businesses
This includes the CARES act, assistance for paycheck protection, the Economic Injury Disaster Loan program, funding for Small Business Development Centers, the Main Street Lending Program, and the Small Business Lending Fund. More information is found here.
Pandemic Unemployment Assistance
The Department of Workforce Solutions is setting up its system to process these Pandemic Unemployment Assistances (PUA) claims. There is no need to call the Unemployment Insurance Operations Center at this time, as the Department will announce when PUA claims can be filed.
More information: http://jobs.state.nm.us