RIO RANCHO, N.M. (KRQE) – More than 50 Rio Rancho businesses and nonprofits struggling because of the pandemic are now getting help from the state. The city is distributing $465,733 in CARES Act funds to assists these businesses that have had to change their operations during COVID-19. Eligible businesses had to show proof of revenue loss.
Mayor Gregg Hull says it was important to get this funding out as quickly as possible and that more local businesses still need help. “We had to develop a tier system based on the available funding because our initial applications did exceed the total amount of money that we had available,” Hull said. The city plans to look for other grant opportunities in the future to help more businesses. The state received a total of $1.25 billion in CARES Act funding.
According to a news release, the city developed a tiered system to determine funding for each business and non-profit. Each applicant applied for funding based on business rent, utilities, payroll, etc, or business redesign like reconfiguring physical space, installing plexiglass barriers, PPE for employees, etc. Tier determination is as follows:
- Tier 1: Annual revenue^ up to $250,000 would be eligible for an award up to $4,000
- Tier 2: Annual revenue up to $500,000 would be eligible for an award up to $8,000
- Tier 3: Annual revenue up to $1,000,000 would be eligible for an award up to $15,000
- Tier 4: Annual revenue up to $1,500,000 would be eligible for an award up to $18,750
- Tier 5: Annual revenue up to $5,000,000 would be eligible for an award up to $32,100
*(^ Annual revenue was determined by 2019 tax documentation and revenue decline was determined by official tax documentation.)
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