State offers $200M for businesses impacted by COVID-19

The New Mexico Finance Authority (NMFA) offered $200 million in grant relief to New Mexico small businesses and nonprofits impacted by the COVID-19 pandemic.

The grants created by the State of New Mexico were tied to job creation, according to the NMFA website.

“(The grants) must be used as reimbursements for rent, lease or mortgage payments, and are prioritized based on the severity of economic decline experienced by the business,” the website stated.

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The grants are part of the Local Economic Development Act (LEDA) created during the 2021 regular New Mexico Legislative Session.

State Rep. Christine Chandler (D-43) and State House Speaker Brian Egolf (D-47) sponsored House Bill 11 (HB11) and introduced the legislation Jan. 25, per the New Mexico Legislature’s website.

The measure passed the New Mexico House 51 to 16 on Feb. 11 and passed the New Mexico Senate Feb. 28, 41 to 1. Gov. Michelle Lujan Grisham signed the bill Feb. 26, the Legislature’s website indicated.

Burlap bag filled with money.

Businesses operating in New Mexico with at least one but fewer than 75 full-time or part-time employees employed at any one of the business locations were eligible for the grant, read the NMFA website.

The website noted that a business that is current on all state and local taxes and a business that experienced revenue declines between comparable quarters in the 2019 and 2020 tax years were eligible for the grant.

Deadline application was Dec. 7, read a news release from NMFA.

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