FROM THE OFFICE OF THE GOVERNOR
Gov. Michelle Lujan Grisham’s Financial Restoration Council is urging small companies which have been laborious hit by the COVID-19 public well being emergency to use for an emergency mortgage program now obtainable by the New Mexico Finance Authority.
The Small Enterprise Restoration Act of 2020 put aside $400 million from the New Mexico’s Severance Tax Everlasting Fund to supply loans to New Mexico companies and nonprofits which have skilled monetary hardship through the pandemic.
“This can be a nice alternative for companies to get some important assist that might make the distinction in having the ability to navigate by this very tough interval,” mentioned Financial Restoration Council Chairwoman Christina Campos. “It’s so vital for our restoration that our state’s small companies get by this.”
“This can be a program that’s particularly useful for small companies that won’t have been in a position to entry federal aid or who want extra flexibility. We’d like to see extra
companies reap the benefits of what is offered,” added Councilmember Jason Sandel.
Companies could also be eligible for loans of as much as $75,000. The loans don’t require a
private assure or collateral and carry an rate of interest presently set at 1.625 p.c, mounted for the lifetime of the mortgage. The loans can be utilized to cowl hire, payroll, and different bills.
Amongst different standards, to be eligible, candidates:
• Should be a New Mexico enterprise or a nonprofit company organized below Part
501(c)three or 501(c)6 that has closed or diminished operations because of the public well being order, and
• Had annual gross income of lower than $5 million as decided by its 2019 federal
revenue tax return or Kind 990, and
• Skilled a 30% decline in month-to-month gross receipts or month-to-month income in April and Could of 2020 as in comparison with the identical months in 2019.
Functions are being processed on a first-come, first-served foundation. To be taught extra and to use, go to the New Mexico Finance Authority web site at www.nmfinance.com.