HELP FOR BUSINESSES IMPACTED BY THE COVID-19 HEALTH EMERGENCY
(last updated April 13, 2021)
The NMSBDC is here to help entrepreneurs navigate through these uncertain times, no matter where you are in your business cycle. This page is continuously being updated with COVID-19 information relevant to businesses, including resources, videos, and links to additional material from various government agencies. If you have specific questions and need to speak to a Counselor or you are looking for live trainings, we are here for you.
We are all in this together New Mexico.
Shuttered Venue Operators Grant (SVOG)
The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance. Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees. For additional details, visit the SBA website for SVOG Updates including the SVOG Applicant User Guide, SVOG Preliminary Grant Application Checklist, SVOG Eligibility Requirements, Cross-Program Eligibility Information, and Shuttered Venue Operators Grants Frequently Asked Questions (revised 04-08-21).
IMPORTANT: Due to technical difficulties, the SBA has temporarily suspended the SVOG application portal. The SBA is working closely with the portal vendors to reopen as soon as possible. The SBA will share advance notice of the time and date before the reopening so that all applicants can be prepared and to ensure equitable access. Applicants may continue to register for a new account.
The SBA has opened its Shuttered Venue Operators Grant Application Portal and is taking applications as of 10 am MST Thursday, April 8th, 2021. Here is what you need to do now to seize this window of opportunity:
SBA's Shuttered Venue Operators DUNS and SAM.gov Registration Training Video (February 18, 2021):
Additional information regarding the Shuttered Venue Operators (SVO) Grant program can be found on the SBA's SVOG Updates page including:
The following Video Tutorials are also available on the SBA's SVOG Updates page:
Restaurant Revitalization Fund (RRF) Grant
The American Rescue Plan Act established a $28.6 billion “Restaurant Revitalization Fund” (RRF) within the U.S. Small Business Administration (SBA). An eligible business may receive a tax-free federal grant equal to the amount of its pandemic-related revenue loss, calculated by subtracting its 2020 gross receipts from its 2019 gross receipts. Food service or drinking establishments, including caterers, brewpubs, taprooms, and tasting rooms, that are not part of an affiliated group with more than 20 locations will be eligible to apply for the grant. The Restaurant Revitalization (RRF) Grant for restaurants will be administered by the U.S. Small Business Administration (SBA) soon. Businesses should take steps now to organize the materials necessary to submit an application once it is available. Click here for information on how you can prepare to apply for independent restaurant and bar grants once they are made available, review the Independent Restaurant Coalition's RRF Grant Resources Package and visit RestaurantsAct.com to learn more.
On March 30th, 2021 the SBA announced that they will NOT REQUIRE restaurants to have a SAM or DUNS number in applications for the Restaurant Revitalization Fund. View the 90 second video update from the National Restaurant Association's Executive Vice President of Public Affairs Sean Kennedy on everything happening in D.C., how it impacts the restaurant industry, and how you can stay engaged. Please note that this update was recorded prior to the SBA's announcement regarding SAM/DUNS numbers.
National Restaurant Association's 90 Second Update with Sean Kennedy (March 30th, 2021):
New Mexico Finance Authority - House Bill 11 Grants
Gov. Michelle Lujan Grisham signed House Bill 11 into law, delivering $200 million in grants to support New Mexico businesses to ease the hiring or rehiring of employees. The applications and payments for the grants provided for in House Bill 11 will be managed by the New Mexico Finance Authority at nmfinance.com. A formal announcement will be made when the application portal is open for HB 11 grants. Each business may qualify for up to $100,000 to be distributed in four quarterly payments. Click here for additional information regarding the grants and here for to view the 28 page House Bill 11.
The American Rescue Plan Act of 2021
On March 11, 2021 President Biden signed the American Rescue Plan Act of 2021 into law which provides additional relief for the nation’s small businesses and hard-hit industries for programs the SBA is currently administering and adds new efforts, including:
- $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services
- Additional funds are allocated for the Shuttered Venue Operators Grant program, and now allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG
- $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit
- NEW: $28.6 billion for the Restaurant Revitalization Fund for industry-focused grants
- NEW: $100 million to establish a Community Navigator pilot program; grants will go to eligible organizations supporting efforts to improve access to COVID–19 pandemic assistance programs and resources.
SBA’s current relief efforts can be found at www.sba.gov/coronavirusrelief, and more details about these program updates and new efforts the SBA will administer in the coming weeks.
Click Here to View the American Rescue Plan Act of 2021 - H.R. 1319
U.S. Chamber of Commerce Small Business Update: The American Rescue Plan Act of 2021
The American Rescue Plan Act, a $1.9 trillion coronavirus relief bill that includes new help for small businesses struggling during the pandemic has been signed into law. This package includes long-awaited aid dedicated specifically to the restaurant industry, new provisions for small businesses across other industries, and more money for the Paycheck Protection Program. Learn how this new bill could impact your business at the most recent Small Business Update from March 12th during which Neil Bradley and Jeanette Mulvey were joined by National Restaurant Association's Sean Kennedy to break down the new deal and what it means for your small business:
Small Business Update Webinar 3/12: American Rescue Plan Act
Payroll Protection Program
The Biden administration just announced major changes to the Payroll Protection Program, aimed at extending aid to minority-owned businesses and to the nation’s smallest firms. Only businesses with fewer than 20 employees will be able to apply for PPP funds through March 9. The administration is also making other changes that could impact small business’ access to pandemic relief. Learn about these changes at the U.S. Chamber's Small Business Update from Thursday, February 25:
Small Business Update Webinar 2/25: PPP for Small Businesses
Click Here for a list of Upcoming Live Events from CO— by U.S. Chamber of Commerce.
Visit this page to get the latest stories from CO— and click here for U.S. Chamber policy updates and guidance. A full suite of on-demand content from 2020 onward is available here.
Targeted EIDL Advance Low-Income Community Mapping Tool
Are you looking to determine if your business is in a low-income community and you’re potentially eligible for a Targeted EIDL Advance grant? A new mapping tool is available to help you determine if your business is in a low-income community, which is a requirement to qualify for a Targeted EIDL Advance. Check the tool to see if your business address meets the low-income community eligibility requirement before applying. The SBA is reaching out to potential applicants to determine eligibility, so no action is needed on your part until you receive an email from the SBA. Learn more here and visit the updated FAQs for more information.
A new coronavirus relief bill was passed by Congress and has been signed into law. Here are the 15 Big Changes that will impact your small business.
23 Frequently Asked PPP Loan Questions, Answered
Hot Topic Tuesday — Dates You Need to Know for PPP 3.0
7 Resources for PPP Loan Forgiveness Help
SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
PPP Loans Are Supposed to Be Tax Free - These 19 States Didn't Get the Memo
Congress has passed several changes to the Paycheck Protection Program (PPP) and created a new round of PPP funds. Additional changes were also made to Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, and SBA loan programs. Please review the following informational guide created by the U.S. Chamber of Commerce for more information on the COVID-19 Relief Package legislation:
COVID-19 RELIEF PACKAGE
What does the new stimulus bill mean for your business?
More relief is on the way for small businesses across the country, now that the $900 billion stimulus package has been signed into law. Join U.S. Chamber Executive Vice President and Chief Policy Officer, Neil Bradley, and CO— Content Director, Jeanette Mulvey as they discuss the aid that's now available and what small businesses need to know:
Small Business Update 1/19/21: PPP and Stimulus Q&A
Small Business Update Webinar 1/5/21: More on PPP Loans and the Employee Retention Tax Credit
Small Business Update Webinar 12/22/20: The Latest Stimulus Details and Changes to PPP Loans
Click Here to View the Consolidated Appropriations Act, 2021 - H.R. 133
New Paycheck Protection Program (PPP) Loans 12/28/20: How to Qualify and Apply
Amended Public Health Order Eases Restrictions on Recreational Facilities, Entertainment Venues, Casinos
On Wednesday, Feb. 24, the state of New Mexico published the revised Public Health Order, which permitted the operation of Recreational Facilities, Entertainment Venues, and Casinos. The Public Health Order also amended the "Red to Green" framework to allow for further eased restrictions on mass gatherings and tourism-related businesses. The amended Public Health Order introduces a "Turquoise" level for counties that meet the criteria of the "Green" level for the two most recent 14-day reporting periods.
With the introduction of Recreational Facilities, Entertainment Venues and Casinos, there are also changes to the Red, Yellow and Green Levels. You can review changes to those levels here, as the framework now accounts for recreational facilities, entertainment venues, casinos, and bars and clubs. Review New Mexico Tourism's Full News Release Here.
In order to ensure that businesses that fit the definition of Recreational Facilities, Event Venues, and Casinos are prepared to operate with the safety of employees and customers in mind, additional COVID-Safe Practices for those business sectors were published today (2/24/21). If your business fits the definition of a Recreational Facility, Event Venue, or Casino, you can review the newly-published CSPs here. If you would like to review the types of businesses or venues that fit the definition of a Recreational Facility, Event Venue or Casino,click here.
Accessing and applying for financial resources, SBA Economic Injury Disaster Loans (EIDL), including Paycheck Protection Program (PPP) loans, and all types of SBA and non-SBA loan programs, or non-SBA grants
Protecting your workplace, employees, and customers against potential health and safety threats, including the prevention of the transmission of COVID-19 and other communicable disease
Understanding and preparing for the potential effects of sudden natural or manmade disasters on your supply chains, operations, finances, payrolls, distribution, and sale of products
Developing robust web integration, online sales and marketing, cybersecurity, online distribution, and delivery services for your small businesses
Developing and executing Continuity of Operations through planning, telework, and remote management and customer service practices to sustain your business activities during periods of interrupted business service
Protecting your small business's intellectual property
Online and in-person cyber-security awareness training on the risks and mitigation of cyber threats in online commerce, remote customer service, or telework
Mitigating the effects of reduced travel or outside activities on your small business