Otero County Economic Development Council is “Open for Business”, carefully navigating the uncertainty surrounding COVID-19, and working to answer the many questions in the business community. The situation is very fluid, as we all know. There are some resources available now and additional resources are being planned. The goal of this page is to help you get valuable information and connect you with resources for your business. Our team will continue to update this page as new information and resources become available.
We understand that each individual and business is different – and we’re here to help. If you have a question, want to share information about your company’s situation, and/or are in need of resources, please contact us by phone: (575) 439-3688 or firstname.lastname@example.org or email@example.com.
For more information on information and resources for businesses during COVID-19 Pandemic, please click on the following links:
Which Program is Right for You?
Special thanks to the City of Rio Rancho Economic Development Department for pulling together this information. A summary table has been provided below. To see additional detail and information, view the full table here: https://rrnm.gov/DocumentCenter/View/75884/COVID-19-Summary-of-Economic-Resources-2?bidId=
CARES Act - March 31, 2020
Coronavirus Aide, Relief and Economic Security CARES Act was passed by congress to help small business owners across the country. Check out this helpful guide from the U.S. Senate Committee on Small Business & Entrepreneurship full of resources to help you navigate funding and support options. We are here to help you!
CARES Act Paycheck Protection Program - April 1, 2020
Just released is the two page application for the CARES Act Paycheck Protection Program. (Information provided by Insidecharity.org)
Here is information regarding this loan program:
- Offered to non-profits with fewer than 500 employees, select types of business with fewer than 1,500 employees, 501(c)(3) non-profits with fewer than 500 workers and some 501(C)(19) veteran organization (have to be in operation before February 15, 2020)
- Self-employed, sole proprietors, freelance and gig economy workers are also eligible to apply (again, you have to be in operation before February 15, 2020).
- Loans are given up to a maximum of the lesser of $10 million, or 2.5 times the average monthly payroll costs – including wages for employees making under $100,000, as well as expenses for paid sick leave, healthcare and other benefits – during the 1-year period before the date on which the loan was made.
- The maximum interest rate under this program is 4%
- The loan term is up to 10 years
- No personal guarantee or collateral is required for the loan
- Payments are deferred up to six to 12 months
- Part of this loan may be forgiven and not counted as income to you, if it’s spent during the first eight weeks on operating expenses.
As with the $10,000 advance in EDILs, loan forgiveness provisions are generous. Loans are forgiven when the proceeds are used for any of these costs:
- Payroll costs, excluding prorated amounts for individuals with compensation greater than $100,000
- Rent pursuant to a lease in force before February 15, 2020
- Electricity, gas, water, transportation, telephone, or internet access expenses for services which began before February 15, 2020
- Group health insurance premiums and other healthcare costs.
Be careful here. In order for the amounts to be forgiven, you must maintain the same average number of employees for the first eight-week period beginning on the origination date of the loan as you did from February 15, 2019 – June 30, 2019 or from January 1, 2020 until February 15, 2020. If you don’t meet this requirement, the amount forgiven is reduced. You incur additional reductions if you cut compensation for employees who make under $100,000 by more than 25%, as compared to the most recent quarter. (The US Chamber of Commerce offers a step-by-step calculation by-step calculation here)
Buy for Tomorrow Today - April 1, 2020
The New Mexico Economic Development Department has launched a website that pairs shoppers with products and services in a “Buy for Tomorrow Today” campaign to help sustain businesses through the COVID-19 health emergency.
The “Buy for Tomorrow Today” website (www.BuyNMLocal.com) is another way for people to support New Mexico businesses during the emergency closures. The site offers direct access to individual websites where purchases can be finalized for products or services now, by delivery or take-out, or when the business reopens.
The website includes a registration link for businesses who want to participate. Shoppers can sort retailers by region to find a store near them. The State of New Mexico is not a party to the transactions.
Many businesses on the site are also offering discounts or additional value-added services with a purchase on the Buy Tomorrow website. New businesses are being added to the site daily, so check back often to find your favorite local retailer.
Businesses can enroll by going to the site and clicking on the upper tab, “Register Your Business.”
To view the entire press release, please click on this link: https://gonm.biz/uploads/documents/pressReleases/BuyNMLocalPR.pdf