Additional business support information, programs, and links at: Resources for Businesses Impacted by COVID-19 Downturn
NM COVID-19 ECONOMIC RESPONSE SUMMARY
**All programs can be found: newmexico.gov in the Jobs & Economy section. https://www.newmexico.gov/
Red to Green Framework – Get the latest information and status for openings/restrictions at New Mexico Dept. of Health: Red to Green Framework | NMDOH – Coronavirus Updates (nmhealth.org)
Unemployment Insurance Benefits Expanded for COVID-19
Eligibility for unemployment benefits extended to workers whose hours are reduced or who are laid off, including due to temporary business closures, because of the COVID-19 public health emergency. As of March 31,this also includes Self-Employed, Independent Contractors, and Gig Workers. Under a previously announced emergency provision to the Unemployment Insurance (UI) rules, the work search requirement for affected workers has been waived for up to four weeks by the Department of Workforce Solutions. This allows employees at businesses that close temporarily to access benefits without having to search for a new position while they wait for their employers to restart operations.
Online by going to the New Mexico Workforce Connection Online System at www.jobs.state.nm.us.
By phone at 1-877-664-6984
3/27/2020 – Frequently Asked Questions About the Extended Public School Closure
On Friday, March 27, 2020 Governor Lujan Grisham announced that New Mexico public education will shift to a learn-at-home model as schools remain closed for the rest of the academic year. Full details here: COVID-19 Mar 2020 School Closure Extension FAQ English
Emergency offerings by Internet Service Providers was compiled by the NM Public Education Department (PED) and the Homework Gap Team (PED, Department of Information Technology, State Library, Public Schools Facility Authority, Santa Fe Indian School, and the Navajo Nation) through a request to New Mexico Internet Service Providers (ISP) for their emergency offerings during the Covid19 pandemic. Informational PDF here.
Small Business Administration – Economic Injury Disaster Loans (EIDL) (federal)
New Mexico is one of the first states to be approved for the SBA’s $50 billion disaster loan assistance program. Disaster loan assistance will be available for businesses in all 33 counties. Press release issued 3/17/20.
- SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance
- The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible (request for financial forms to make assessment of cash flow and asset). The interest rate is 2.75% for non-profits.
- Long-term repayments in order to keep payments affordable, up to a maximum of 30 years.
Website: SBA.gov/disaster. 1-800-659-2955 or email firstname.lastname@example.org
Expected processing time: 2 – 3 weeks followed by 5 days for first disbursement
COVID-19 Business Loan Guarantee Program
The New Mexico Economic Development Department (NMEDD) has created a program to assist businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19. NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000. Loan proceeds are flexible and can be used for (and not limited to) the following: working capital, inventory and payroll.
Lenders and borrowers can apply here. Or Download a PDF version of the application.
Contact: Johanna Nelson, Johanna.Nelson@state.nm.us or 505.469.6204.
LEDA Zero-Percent Interest Loans
- Limited to expenditures for land, building and infrastructure
- Can be used for lease abatement or mortgage assistance
- Company must be a qualified entity (manufacturer, non-retail service business with more than 50% of revenue generated out of state, or a retail business in a community of less than 15,000 in population)
- All loans will be required to provide security equal to the amount of the loan
Contact: Mark Roper, Mark.Roper@state.nm.us or 575.562.0327
Personal Income and Payroll Tax Extension
- New Mexicans now have an extra 90 days to file and pay their 2019 personal income taxes in recognition of the economic hardships many are facing as a result of the COVID-19 pandemic. Taxpayers will have until July 15 to file and pay any taxes due.
- The deadline for 2019 corporate income taxes also will be extended until July 15. In addition, the state is extending deadlines for employers to remit withholding taxes.
For more information, please visit the Tax and Revenue Department’s fact sheet here.
Emergency Paid Sick Leave and Paid Family Leave (federal)
The Families First Coronavirus Response Act expands access to emergency paid sick leave to as many as 87 million U.S. workers, and extends paid family leave to ensure that workers can care for their children without sacrificing their paycheck. Many of these workers currently have no paid leave and are being forced to choose between their paycheck, their health, and the health of the people around them. This is a critical step toward protecting families’ financial security and mitigating the spread of the coronavirus.
Sick Leave: full-time employees are entitled to two weeks (80 hours) of fully paid time off (up to $511 per day) to self-quarantine, seek a diagnosis or preventive care, or receive treatment for COVID-19
Family Leave: Eligible full-time employees and part-time employees are entitled to 12 weeks of job-protected leave to take care for their children in the event of a school closure or their child care provider is unavailable due to COVID-19.
- Employees at companies with fewer than 500 employees
- State and local government employees and certain federal government employees
- Employees who work under a multiemployer collective agreement and whose employers pay into a multiemployer plan
Full fact sheet from House Appropriations here.