SANTA FE, N.M. (KRQE) – Governor Michelle Lujan Grisham signed a bill Tuesday aimed at helping small businesses in New Mexico recover from COVID-19. The new law uses $400 million from the state’s permanent funds for loans to small businesses and nearly $50 million for loans to local governments. Businesses who made less than $5 million last year and saw a 30% drop in income in April or May are eligible for up to $75,000. Local governments need to have seen at least a 10% drop in revenue from the virus to qualify.
“Small businesses are the backbone of New Mexico’s economy and the lifeblood of our communities. They’ve suffered greatly from this unprecedented pandemic emergency, and our state and our economy suffer with them,” Gov. Lujan Grisham said in a press release Tuesday. “I will fight for small businesses and their recovery every single day and this measure, putting our state’s wealth to work in getting them back on their feet, is a significant step in the right direction.”
The New Mexico Finance Authority will administer the program.
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