IPANM (Dec. 3, 2020) – The New Mexico Finance Authority (NMFA) has outlined the eligibility requirements and application process for the latest Small Business Grant Program that was passed by the state legislature during the November 24, 2020 Special Session. Please see the attached SLIDESHOW for all available information that is currently being rolled out today during a number of webinars across the state. Our thanks to the New Mexico Restaurant Association for providing a live Facebook broadcast of the first session available Thursday morning.
Here are the key takeways:
- The application process opens at Noon on December 7, 2020 on the NMFA website. There are advantages to applying early, though decisions and allocation of funds will be staggered to assure that even late applicants get a shot at grant funds.
- Business eligible include those with 0 to 100 wage earning employees. Those above 100 are not eligible, whoever, the NMFA will determine the number of employees to be the total AFTER layoffs or furloughs occurred within 2020.
- The maximum amount of a state grant is $50,000, with highest amounts awarded to business with 75 to 100 employees, and then staggered downward to lower amounts depending on number of employees. The total amount allocated by the state to small business in this program is $100 million dollar
- Priority will be given to businesses in the tourism and hospitality industries who have experienced losses due to COVID this past year. However, oil & gas companies are still encouraged to apply, as oil & gas represents an essential business.
- Over 51% of the small business ownership must be New Mexico residents to qualify for a grant. Funds will also be dispersed with 40% of funds going to rural areas and 60% to urban.
There is a webinar available at 12:30 PM MT on Dec. 3rd, 2020 whereby the NMFA will go over the requirements in detail. You will need to register at http://www.nmfinance.com/cares-continuity-grants.
All information being distributed today is contained in this SLIDESHOW.
