by Sharon Niederman
NEW MEXICO — To grant New Mexicans a measure of economic relief, the legislature held a one-day Special Session Nov. 24, 2020. With strong bipartisan support, the legislature spelled out several measures to disburse $360 million in federal CARES funds directly to citizens.
Of the $100 million set aside for small business grants, 40% was allocated to rural areas. Hospitality and leisure industries will receive priority.
Any business, including non-profits, with a hundred or fewer employees owned by a New Mexican is eligible to apply for up to $75,000 to compensate for losses incurred by the pandemic.
The funds will be distributed on a first-come, first-served basis.
Applications will be funded in three rounds, so businesses that apply later in the application period still have a chance to obtain funding. The funding rounds and amounts set aside for funding are as follows:
Round 1: Applications submitted by noon Dec. 10: $40,000,000;
Round 2: All applications submitted by noon Dec. 15 and unawarded applications from Round 1: $35,000,000;
Round 3: All applications submitted by noon Dec. 18 and those unawarded applications from Rounds 1 and 2: $25,000,000 plus any allocated funds that were not used in earlier rounds.
Applicants should apply only once. If an application is not funded in the round in which it was submitted, the application will roll into the next round and will be considered again. Businesses that have received CARES funding from the city are still eligible to apply.
Businesses should receive funds 7-10 days following their award receipt. All state CARES funds must be disbursed by Dec. 24, 2020. For information contact 505-992-9696; CARES@nmfa.net, or NMfinance.com.
