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HELP FOR BUSINESSES IMPACTED BY THE COVID-19 HEALTH EMERGENCY

(last updated May 12, 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.

Restaurant Revitalization Fund (RRF) Grant

IMPORTANT ANNOUNCEMENT: The SBA has announced that it will begin registrations for the Restaurant Revitalization Fund on Friday, April 30, 2021 at 7 am MDT and open applications on Monday, May 3, 2021 at 10 am MDT. Even if you do not qualify for the 21-day priority period, you should submit your grant application as early as possible. The online application will remain open to any eligible establishment until all funds are exhausted. In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:

You can also  watch a previously recorded webinar training to help you prepare:

April 29, 2021: SBA Webinar – Learn How to Apply for the RRF

The official Restaurant Revitalization Fund Sample Application (04-21-21) and Guidelines (04-28-21) have been released. Details on application requirements, eligibility, and a program guide are now available in English at www.sba.gov/restaurants or in Spanish at www.sba.gov/restaurantes. Sign up to receive email alerts from SBA as additional information about the Restaurant Revitalization Fund becomes available. The National Restaurant Association has reviewed and discussed early drafts of the application with the SBA and released a FAQ document on April 9th, 2021.

April 29, 2021: The National Restaurant Association has just posted three new resources for restaurant owners completing grant applications for the Restaurant Revitalization Fund (RRF).

  • An updated FAQ document (04-27-21), reflecting the latest guidance from the Small Business Administration.
  • A new Step-by-Step Guide (04-28-21) to completing an RRF grant application.
  • An archive of past webinars held with the SBA on the RRF including a discussion with  the SBA Administrator and the President of the Multicultural Foodservice and Hospitality Alliance on how the 21-day priority period works for restaurant owners from economically and socially disadvantaged communities.

April 28, 2021: Special Briefing on the U.S. Small Business Administration’s New Restaurant Revitalization Fund

Shuttered Venue Operators Grant (SVOG)

IMPORTANT ANNOUNCEMENT: The Shuttered Venue Operators Grant application portal will reopen on Monday, April 26th at 10:00 am MDT. Interested applicants should register for an account through the portal in advance. Applicants will also need a smartphone and a multi-factor authenticator app to register and apply.

  • NOW: Use the SVOG Preliminary Grant Application Checklist (04-23-21) to make sure you have everything you need to complete your application. Review additional resources at sba.gov/svogrant such as the SVOG Applicant User Guide (04-23-21) and Shuttered Venue Operators Grants Frequently Asked Questions (revised 04-23-21). Keep these resources open throughout the application process.
  • BEFORE 9 am MDT, April 26: Register on the SVOG portal. The ability to register will be temporarily suspended between 9 am – 10 am MST on April 26 to ensure a fair process and prepare the site for opening.
  • 10 am MDT, April 26: Begin the application process on the SVOG portal. Every user will be temporarily placed in a virtual waiting room and will be able to start their application in the order in which they arrived.
  • Call Center: For Shuttered Venue Operators Grant application portal technical assistance such as a password reset, browser suggestions, or how to use the multi-factor authentication with an app and the QR code, applicants can call 1-800-659-2955 or, for the deaf and hard-of-hearing 1-800-877-8339 and follow the prompts to SVOG assistance. The call center will be open 24 hours a day through Monday evening at 6 pm MDT. For additional information and to review applicant resources, visit www.sba.gov/svogrant.

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 (04-23-21), SVOG Preliminary Grant Application Checklist (04-23-21), SVOG Eligibility Requirements, Cross-Program Eligibility Information, and Shuttered Venue Operators Grants Frequently Asked Questions (revised 04-23-21).

The SBA has opened its Shuttered Venue Operators Grant Application Portal and is taking applications as of 10 am MDT 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:

Payroll Protection Program

IMPORTANT ANNOUNCEMENT: After more than a year of operation and serving more than eight million small businesses, funding for the bi-partisan Paycheck Protection Program has been exhausted. The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through Community Financial Institutions, financial lenders who serve underserved communities. The SBA is committed to delivering economic aid through the many COVID relief programs it is currently administering and beyond.

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

Employer Tax Credit: Paid Leave Credit for Vaccines

The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers, and certain governmental employers, to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID-19 vaccinations. The ARP tax credits are available to eligible employers that pay sick and family leave for leave from April 1, 2021, through September 30, 2021. For more Information see our Employer Tax Credit page, News Release and Fact Sheet.

Small Business Update 4/26/21: COVID-19 Vaccination Tax Credit

COVID-19 Funding Options

A resource of private funding options to help small businesses is available on the SBA’s website where you can browse options available nationally, or input a zip code to explore location-specific funding.

New Mexico Finance Authority – House Bill 11 (Local Economic Development Recovery 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.

New Mexico Finance Authority – Senate Bill 3 (Small Business Recovery Loan Fund)

The New Mexico Legislature recently expanded and extended the Small Business Recovery Loan Fund to better help businesses experiencing financial hardship caused by the pandemic. More businesses are now eligible to apply for a loan, the loans have more favorable and flexible terms, and businesses that received a Small Business Recovery Loan in 2020 can refinance for a longer term or a bigger loan. This $500 million loan fund offers loans up to $150,000 at a current interest rate of 1.625%, terms up to ten years, no payments due the first year, interest-only payments due in the second and third year, and no penalty for paying off a loan in advance. The Small Business Recovery Loan Fund application will be open April 29, 2021 through May 31, 2022. Updated information will be posted at www.nmfinance.com.

April 14th, 2021 New Mexico Economic Development Department/New Mexico Finance Authority Webinar:

Expanded and Improved: Small Business Recovery Loan Fund

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
    • ANNOUNCEMENT: Effective immediately, applicants can send a request for reevaluation of a Targeted EIDL Advance application that was declined to the following email address: TargetedAdvanceReevaluation@sba.gov. Applicants should follow these instructions when requesting a reevaluation:
      • Send an email to TargetedAdvanceReevaluation@sba.gov
      • Use the subject line “Reevaluation Request for [insert your 10-digit application number]
      • In the body of the email, include identifying information for the application such as application number, business name, business address, business owner name(s) and phone number
      • Important: Include an explanation and any documentation that addresses the reason for the decline, if available. SBA will contact applicants if additional documentation is required to complete the review.
    • Access your SBA Economic Injury Disaster Loan Portal Account to review your application and track your loan status.
  • 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

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:

SBA.gov’s New Spanish Website

The NMSBDC is here to help you navigate through these uncertain times, no matter where you are in your business cycle. If you have some specific questions and need to speak to a Counselor or you are looking for live trainings on new Federal programs, we are here for you. We are all in this together.

COUNSELING

TRAINING

New Laws Taking Effect in NM beginning January 1st

NM Finance Authority

New Mexico COVID-19 Emergency Supply Sourcing and Manufacturing

This site is a collaborative between several federal, state, and local New Mexico entities intended to connect New Mexico medical providers with solutions and capabilities from across the State. It is not intended to address individual medical needs. If you are in need of immediate medical attention or help, please call 911 or refer to other communication avenues as publicized by local, State, or Federal entities.

City of Rio Rancho – Small Business Assistance Program

**The City will begin accepting applications on June 1, 2020.**

The City of Rio Rancho has developed an emergency relief package for small businesses and micro-enterprise businesses located within the City of Rio Rancho that are in jeopardy as a result of COVID-19 public safety measures. This program is funded through the U.S. Department of Housing and Urban Development CDBG program. Assistance is in the form of a performance grant. In the event that conditions established in the grant agreement are not met, the grant then becomes a loan at zero percent interest. Based on unprecedented requirements for social distancing, businesses have seen a dramatic decline in revenue.

Shop NM Businesses

We all want to help save local businesses. To that end, use this platform to help New Mexicans buy gift cards from these companies.

Industry In Action: COVID-19 Resources for Individuals and Businesses