RIO RANCHO, N.M. (KRQE) – The city of Rio Rancho has announced it has received $346,887 from the U.S Department of Housing and Urban Development, to aid small businesses in response to the COVID-19 pandemic. Under the leadership of Mayor Gregg Hull, city staff has developed the Small Business Assistance Program to help business owners with monthly fixed expenses, inventory expenses, and payroll all in an effort to retain jobs and prevent any permanent business closures.
“The COVID-19 pandemic has rattled our local economy and businesses,” said Rio Rancho Mayor Hull in a press release. “When this funding became available, I immediately honed-in on the opportunity to help our local small businesses take steps forward to survive and, ultimately, thrive.”
The city says it will begin accepting applications on June 1. Assistance will be awarded on an ongoing basis until funding for the grant is used. The city also says if businesses comply with all terms and conditions for one year, then no repayment of awarded funds will be required.
To be eligible to receive assistance, business owners must meet one of the following Federal requirements:
- Up to $5,000 for a microenterprise with five or fewer employees and the business owner must earn under 80% of the area median income;
- Up to $5,000 for a small business between six to ten employees, with at least one employee in jeopardy of losing their job and a commitment to hire employee(s) back within six weeks of the end of the COVID-19 self-isolating period, and at least one low/moderate income employee retained as a result of receiving assistance;
- Up to $10,000 for a small business between 11 to 40 employees, with at least one employee for every ten employees in jeopardy of losing their job and a commitment to hire at least one employee for every ten employees back within six weeks of the end of the COVID-19 self-isolating period, and at least one low/moderate income employee retained as a result of receiving assistance.
The city says funding is projected to assist the business for up to three months. For additional information and to apply for assistance, visit the City of Rio Rancho’s website.
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