On behalf of the New Mexico Department Of Finance and Administration and the New Mexico Economic Development Department:
We have 72 hours to do everything we can to help our local businesses!
As most of you know, the federal stimulus guidelines were rolled out a few days ago. There is $350 billion allocated to small businesses. However, the SBA told us yesterday during a webinar for NM businesses that this money is on a FIRST COME FIRST SERVE basis. This money will go quickly and we need to do everything we can to get it to New Mexico businesses.
We urge you to reach out to local businesses in your communities and tell them about the Economic Injury Disaster Loans (EIDL) and the Paycheck Protections Program (PPP). The first is a forgivable advance program up to $10,000 that can be distributed in 3 days to the company; and the second, a larger loan program has an interest rate of .5% and is deferrable for 6 months. Tell your local bakery, bike shop or yoga studio, etc.
Companies can apply through the SBA at: https://disasterloan.sba.gov/ela/ or through the SBDC, a SBA resource partner. They are offering instruction and guidance on how to apply. They have 19 offices across NM and are super helpful. The site is: www.nmsbdc.org.
We can always help at EDD. Our website is: www.go.nm.biz. It lists our cell phones and we are #2 on the State Hotline. We also have two loan programs which businesses can utilize and there is no time limit.
Also please urge businesses to be a part of our “BUY TODAY FOR TOMORROW” campaign and register their company at: www.buynmlocal.com. Community members can buy vouchers from local companies to use later when businesses open.