NEW MEXICO (KRQE) –New Mexico businesses and nonprofits can start applying for pandemic recovery funds. The state has set aside $200 million for Local Economic Development Act (LEDA) recovery grants and businesses can receive up to $100,000 each.
“We know that small businesses are the lifeline of New Mexico’s economy; their success and stability is critical for building a successful and sustainable recovery,” Gov. Michelle Lujan Grisham said in a news release. “New Mexico has provided hundreds of millions of dollars in small business grants, loans, and tax holidays, assistance I am glad to now expand with LEDA recovery grants. The state will continue to deliver support for New Mexicans as we move forward, both now and in the future.”
According to the same news release, eligible businesses must have at least one employee, and no more than 75 employees, in any one location, and be operating in the state on or before Oct. 1, 2019, be current on all state and local tax obligations, and have experienced a decline in business revenue between taxable years 2019 and 2020.
The news release states expenses that can be covered by the grant are rent, mortgage, or lease payments on the building occupied by the business, and applications are prioritized based on the severity of economic decline experienced by the business, and funds are paid quarterly subject to employment information submitted by the recipient.
Applications are due by June 15 and awards are expected to be made in early July. For more information or to apply, visit nmfinance.com/leda-recovery-grants.