Gov. signs bill that will provide $200 million for NM businesses

Legislature

SANTA FE, N.M. (KRQE) – Governor Michelle Lujan Grisham signed House Bill 11 Friday, which will provide $200 million from the state general fund to thousands of businesses that experienced income declines in 2020. “New Mexico will continue to get meaningful financial assistance out the door to businesses all across the state,” said Gov. Michelle Lujan Grisham in a news release. “Our economy will bounce back. And businesses will get back on their feet.”

The bill will provide individual grants of up to $100,000 without repayment to businesses for the reimbursement of rent, lease or mortgage obligations on property located in New Mexico.

Among the guidelines:

  • Businesses must be operating in New Mexico with fewer than 75 employees per location;
  • Businesses must demonstrate a loss of revenue for at least one quarter between 2019 and 2020;
  • Funding must be used for reimbursement of rent, mortgage or lease obligations;
  • The grant must be accompanied by job creation for each quarter prior to one of the quarterly payments; and
  • The grants will be paid out in quarterly installments.

According to a news release, funding is allocated through the Economic Development Department’s LEDA job-creation fund which requires business owners who accept assistance to rehire workers or hire new employees. There will be two primary application periods — one on June 30, 2021 and the second by December 31, 2021. According to the news release, a later application deadline will be set up for any businesses that are not yet eligible to open and apply by these deadlines. Funding will also be set aside for these businesses.

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