The federal and state governments have established emergency loan programs to assist local businesses affected by the COVID-19 outbreak. Information about each of these programs, eligibility, and how to apply is available on the State of New Mexico’s COVID-19 website. The programs include:
SBA Disaster Loan Assistance Program
The Small Business Administration is offering low-interest federal disaster loans of up to $2 million for working capital to small businesses and non-profit organizations suffering substantial economic injury as a result of COVID-19.
COVID-19 Business Loan Guarantee Program
The New Mexico Economic Development Department has created a program to assist businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19.
All Together NM Fund
The All Together NM Fund will be used to address immediate needs and offer long-term support for the recovery work that lies ahead.
Coronavirus Aid, Relief, and Economic Security Act
The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act includes major provisions to provide relief to small businesses and non-profits hurt by the coronavirus pandemic and its required public health responses.
Netflix Creates $100 Million Fund
Netflix established a $100 million fund to help those workers hardest hit in the television and film industry as a result of the coronavirus pandemic. The company also committed to paying workers two weeks pay following recent production suspensions.
Families First Coronavirus Response Act
The U.S. Department of Labor’s Wage and Hour Division announced its first round of published guidance to provide employers with information about new requirements to offer emergency paid sick leave and paid family medical leave offered by the Families First Coronavirus Response Act. FFCRA takes effect on April 1, 2020.
New Mexico Economic Rapid Response Taskforce
The New Mexico Economic Development Department, Department of Workforce Solutions, Tourism Department and Office of the Governor created a cross-agency collaboration called the Economic Rapid Response Taskforce to act as a clearinghouse to enhance communications between businesses and resources being offered by the State of New Mexico.