Resources and Information
Every day, there is new information regarding the Corona Virus and COVID-19. As we continue to respond to the need for social distancing and protecting our customers and clients, we feel it’s important to continue to provide you with vital information that will help you and your business.
Given that there is new information every day, please take a moment to look through the information below. We are doing our best to provide you with links and information that can be helpful
PPP Loan Program Changes Will Help New Mexico
Loan Deadline is June 30
SANTA FE, N.M. – Economic Development Cabinet Secretary Alicia J. Keyes announced that new forgiveness and flexibility rules for the federal government’s Paycheck Protection Program (PPP) will benefit more New Mexico businesses and she is urging those who have not yet applied to take another look at the program.
With the PPP deadline for loan funding on June 30, there are just a few days left for businesses still interested to receive funding from private lenders who are partnering with the U.S. Small Business Administration (SBA).
As of this week, there is $129 billion left for PPP lending. The new forgiveness guidelines were presented by SBA leaders in New Mexico as part of an EDD webinar on June 17.
With the new PPP Flexibility Act, signed into law by President Trump on June 5, many more businesses in New Mexico who apply for forgiveness should be able to receive it. That means more of the money going to New Mexico businesses will stay in the state and not have to be repaid.
“The new guidelines mean that New Mexico businesses can reopen at their own pace and work toward a safer, stronger recovery,” Cabinet Secretary Keyes said. “The businesses can take more time to prepare and have until the end of the year hire back employees. The changes are a good thing for many small businesses in the state that are still under some health restrictions. I urge businesses who have not yet applied for PPP to take another look at this program before it closes for good on June 30.”
The biggest change allows PPP loan recipients until Dec. 31, 2020 to restore the employee headcount to pre-pandemic levels. The provision does not require hiring back a specific worker, just reaching the same headcount pre-pandemic in order to qualify for some loan forgiveness.
The new rules also reduce the percentage of PPP dollars required to be spent on payroll — to 60 percent from 75 percent. That change is particularly beneficial to galleries and specialty retailers with few employees but higher overhead in other areas such as rent, utilities, and mortgage interest.
The term for new loans is also extended from two to five years for any repayment amounts that would be due back to the lender, and the time period to use PPP money has been extended from 8 to 24 weeks.
“Small businesses are breathing a sigh of relief that they now have more time to bring back employees,” John Garcia, New Mexico SBA District Director, said on the EDD webinar.
“The changes are really important for hospitality businesses, gyms, and restaurants — many of the businesses that are still under COVID-19 restrictions,” Russell Wyrick, Executive State Director of the Small Business Development Center (SBDC) Network, said.
The SBDC centers provide guidance and technical assistance for all SBA loan services and applications in New Mexico. For more information, go to nmsbdc.org.
The SBA also reopened its application portal for the Economic Injury Disaster Loan Program (EIDL), a low-interest loan up to $2 million with payback periods of 20 to 30 years.
Wyrick emphasized on the webinar there are several other SBA loan options that might work for specific circumstances and his experts are available to advise business owners and nonprofit managers at no charge.
“The new guidance for PPP loan forgiveness is a welcomed action by the SBA. Many borrowers and lenders in New Mexico have been seeking clarification and a simplified process for asking for the intended forgiveness,” Jerry C. Walker, President & CEO Independent Community Bankers Association of New Mexico, said. “This is a positive action which moves us in that direction. Taken together, these actions benefit New Mexico’s small businesses who have been recipients of PPP loans.”
Some 650 New Mexico banks, credit unions, and community lenders have been active in SBA lending over the past several months with $2.2 billion in PPP money going to 20,431 New Mexico businesses and non-profits. Nationwide, $511 billion has been distributed under PPP.
The June 30 deadline for the program is fast approaching. “People often like to wait until the last minute,” Wyrick said on the EDD webinar. “Well, this is the last minute.”
For information on PPP and all the SBA loan programs go to SBA.GOV
For information on the state assistance, including the COVID-19 Loan Guarantee Program and the No-interest LEDA loan program, go to the EDD website, GONM.BIZ
For technical help and advice on SBA programs and loan applications go to NMSBDC.org.
For a list of SBA lending partners go here.
For comprehensive information from the State of New Mexico on the COVID-19 health emergency, including data, testing, economic, and food assistance, go to NEWMEXICO.GOV
SBA’s Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Non-Profits Impacted by COVID-19 Pandemic
No-Interest LEDA Loans Approved For New Mexico Businesses
Program Helps Support Jobs Through COVID-19 Emergency
All Hands, New Mexico:
(Albuquerque, NM) – As the state continues its efforts for economic recovery from the COVID-19 pandemic, the New Mexico Department of Workforce Solutions (NMDWS) and New Mexico Workforce Connection Centers (NMWC) are here to help businesses quickly fill their vacant positions with skilled workers they can depend on through the initiative All Hands, New Mexico!
“As Governor Lujan Grisham oversees the re-opening of New Mexico’s economy safely it is important for New Mexicans to know what jobs are now available,” said NMDWS Cabinet Secretary Bill McCamley. “Getting back to work means earning a paycheck and providing needed services so that our communities stay healthy as we recover economically.”
Businesses across New Mexico who are looking to hire workers to meet a surge in demand for well-qualified workforce talent can quickly post their positions by filing out a short hiring intake form on the NMDWS website at https://www.dws.state.nm.us/
All Hands, New Mexico! is designed to connect New Mexico workers with New Mexico businesses that have urgent hiring needs. Many talented job seekers who lost their job or had hours reduced as a result of COVID-19 and are looking for their next career opportunity may register within the New Mexico Workforce Connection Online System at www.jobs.state.nm.us. Here, a job seeker can upload their resume, highlight their transferable skills, and list previous work experience that NMWC Business Representatives will utilize in their search for qualified candidates to recommend to the businesses they are assisting.
Businesses may also obtain information from NMWC on available resources to support upskilling and/or providing training to existing workers, assistance with interviewing, hosting virtual job fairs, and more. To learn more, contact the local NMWC office near you at https://www.dws.state.nm.us/
Paycheck Protection Program:
The U.S. Small Business Administration has resumed accepting PPP loan applications from approved lenders on behalf of any eligible borrower. Updated information with new eligibility criteria can be found online here.
SELF-EMPLOYED, INDEPENDENT CONTRACTORS, AND GIG ECONOMY WORKERS ANNOUNCEMENT: The application for Pandemic Unemployment Assistance (PUA) is now available. The link “Apply for PUA Benefits” will appear in the left navigation on your Unemployment Insurance claim homepage only if you have completed step 1 (applying for regular state Unemployment Insurance) and were deemed ineligible on your “Monetary Determination.”
More info in FAQs at https://www.dws.state.nm.us/COVID-19-Info
Buy Today for Tomorrow!
Resources for Businesses Impacted by COVID-19
N.M. Small Businesses Urged to Apply Quickly for Federal Stimulus Loans. New Mexico small businesses in financial distress due to the coronavirus crisis are encouraged to apply as soon as possible for loans made available under the federal stimulus bill.
Economic Injury Disaster Loan Program
SBA’s Small Business Development Centers
Paycheck Protection Program
Federal Resources for Small Businesses
This includes the CARES act, assistance for paycheck protection, the Economic Injury Disaster Loan program, funding for Small Business Development Centers, the Main Street Lending Program, and the Small Business Lending Fund. More information is found here.