Tens of millions in aid cash still left for New Mexico companies

By Laverne J. Tiffany 3 years ago

NEW MEXICO (KRQE) – Tens of millions of dollars are even now up for grabs for New Mexico companies. The state is offering corporations grant cash to help get better from the pandemic. Every small business can get up to $100,000 for set fees like lease and lease payments as they function to seek the services of again staff members.

“We’re eager to get individuals in the doorway and beginning their applications due to the fact that usually means we’ll be able to disperse cash quicker,” reported Marquita Russel, CEO of the New Mexico Finance Authority.

The software procedure opened on May 11. To date, about 1,700 apps have been started out. About a quarter of these applications have been concluded. Russel said dependent on the submitted purposes so considerably, companies are averaging about $45,000 in award cash every.

“At the pace at which the applications are coming in and concluded unless there is a significant spike, proper now we really should have plenty of to cover all the programs,” Russel reported. Once the deadline hits, award money will be prioritized dependent on businesses’ drop in profits from 2019 to 2020.

A person hundred million of grant dollars is remaining allocated to urban areas like Albuquerque, Santa Fe, Las Cruces, Rio Rancho, and the fast surrounding parts. One more $50 million is currently being reserved for corporations in city areas. Eligibility demands for businesses and non-income incorporate:

  • Should be operating in New Mexico
  • Should have at least one but less than 75 total-time or element-time workforce utilized at any of the business’s destinations
  • A enterprise that is recent on all condition and area tax obligations, and
  • A organization that skilled a decline in business profits amongst equivalent quarters in taxable years 2019 and 2020

Corporations have until eventually 12 p.m. on June 15, 2021, to utilize. Funds could be awarded as before long as July. If there is any leftover funding after this application time period, the New Mexico Finance Authority explained it will take into consideration opening a second application time period with the more compact pool of revenue. For extra information or to utilize, nmfinance.com/leda-recovery-grants.

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