Small businesses struggling due to COVID-19 can apply for relief funding

AZTEC — Businesses with 100 or fewer employees that are at least 51% owned by New Mexico residents are eligible to apply for Small Business CARES Relief Grants through the New Mexico Finance Authority.

The grants are also available to nonprofit organizations or 501(c) entities serving members of the U.S. Armed Forces.

This grant application opened at noon Dec. 7 and closes at noon Dec. 18. The applications will be reviewed in three funding rounds, according to a press release.

These grants can provide New Mexico small businesses that are struggling because of the pandemic with up to $50,000. The funding comes from the federal CARES Act stimulus funds. The New Mexico Legislature allocated $100 million of those funds for small business relief grants during the November special session.

Applications will be prioritized based on how severe the economic impact was on the business. Businesses like hotels, restaurants and other hospitality and tourism-related businesses will receive special consideration because those industries have been severely affected by the COVID-19 pandemic.

If a business submits an application during one round of review and it is not funded during that round, the application will automatically be rolled over into the next round of review, the press release states.

 “We encourage businesses to apply early to maximize their chances of receiving a grant. Our website has all the information you’ll need to apply,” said New Mexico Finance Authority CEO Marquita Russel in the press release.

Hannah Grover covers government for The Daily Times. She can be reached at 505-564-4652 or via email at hgrover@daily-times.com.

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