SANTA FE, N.M. (KRQE) – Governor Michelle Lujan Grisham’s Financial Get well Council is urging small companies hit laborious by the coronavirus public well being emergency to use for the emergency mortgage program.
“This can be a nice alternative for companies to get some important assist that might make the distinction in with the ability to navigate by means of this very troublesome interval,” stated Financial Restoration Council Chairwoman Christina Campos in a information launch from the governor’s workplace. “It’s so vital for our restoration that our state’s small companies get by means of this.”
The governor’s workplace stated in the identical information launch Tuesday, the emergency mortgage program is now out there by means of the New Mexico Finance Authority and the Small Enterprise Restoration Act of 2020 put aside $400 million from the New Mexico’s Severance Tax Everlasting Fund to offer loans to New Mexico companies and nonprofits which have skilled monetary hardship in the course of the pandemic.
“This can be a program that’s particularly useful for small companies that won’t have been in a position to entry federal aid or who want extra flexibility. We’d like to see extra companies make the most of what is on the market,” stated Councilmember Jason Sandel within the information launch.
The governor’s workplace stated companies could also be eligible for loans of as much as $75,000 and don’t require a private assure or collateral and carry an rate of interest at the moment set at 1.625 %, mounted for the lifetime of the mortgage. The loans can be utilized to cowl lease, payroll, and different bills.
Amongst different standards, to be eligible, candidates:
- Should be a New Mexico enterprise or a nonprofit company organized beneath Part 501(c)3 or 501(c)6 that has closed or decreased operations because of the public well being order, and
- Had annual gross income of lower than $5 million as decided by its 2019 federal earnings tax return or Kind 990, and
- Skilled a 30{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} decline in month-to-month gross receipts or month-to-month income in April and Could of 2020 as in comparison with the identical months in 2019.