New funding in New Mexico of up to $100 million is being provided for small businesses impacted by the pandemic economy.
Members of the New Mexico State Legislature have approved a CARES Relief Grant Program for both for-profit businesses as well as nonprofit organizations, as long as either entity has 100 or fewer employees.
The individual grant amounts will vary between $2,000 and $50,000, depending upon the size of the staff, with around 40% of the grants targeting businesses located in rural areas.
By law, the grants can be used for general businesses expenses, as well as purchasing personal protective equipment and the cost of retrofitting a business space to meet Covid-19 safety guidelines.
Applications for the grants through the New Mexico Finance Authority will be taken during a two-week period between December 7 and December 18.
Approved grants from the program are expected to be announced before the end of the year.
In signing the legislation making the grant funding available, New Mexico Governor Michelle Lujan Grisham remarked: “We must continue to evaluate how we can get more assistance to more New Mexicans who need it in this time of crisis.”
By Garry Boulard
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