The grants were created by the State of New Mexico to provide $200 million in grant funding to New Mexico small businesses that are experiencing financial hardship due to the pandemic. These grants are
specifically tied to job creation, must be used as reimbursements of rent, lease or mortgage payments, and are prioritized based on the severity of economic decline experienced by the business.
HOW DOES THE PROGRAM WORK?
The last application round will be open until December 7, 2021. Grant applications will be reviewed and prioritized after December 7, and grant awards will be made following the prioritization. Grants will be paid on a quarterly basis, with no more than 25% of the total grant award being paid during any quarter. Businesses must meet their job creation projections before receiving future, quarterly grant payments after the first payment.
HOW MUCH GRANT FUNDING CAN A BUSINESS/NONPROFIT RECEIVE?
The grant amount is based on a combination of the revenue decline experienced by the business, the number of new full-time-equivalent (FTE) positions hired, and the hourly wages of the new positions.
WHAT CAN THE GRANT FUNDING BE USED FOR?
Eligible expenses are reimbursement of rent, mortgage, or lease payments on the building occupied by the business. These are the only eligible expenses for this grant. The grant amount paid will not exceed the
amount of rent, lease, or mortgage payments during the grant period.
MINIMUM ELIGIBILITY REQUIREMENTS
• Businesses or nonprofits must operate in New Mexico
• Businesses or nonprofits must have at least one full-time or part-time employee but fewer than 75
• Businesses or nonprofits had to lay off employees or reduce employee hours due to the pandemic
• Businesses or nonprofits must be current on all state and local tax obligations
• Businesses or nonprofits must have experienced a decline in business revenue between comparable quarters in taxable years 2019 and 2020
• 2019 or 2020 business federal tax return.
An extension will not be accepted.
• Evidence of revenue decline, as evidenced by one of the following:
o Copies of CRS reports from any quarter in 2019 and the corresponding quarter in 2020.
Businesses that file CRS reports monthly should provide the reports from all three months in the quarter they choose. Business that file semiannually or annually should include the CRS reports for the quarter they choose. (Choose the quarter that demonstrates the greatest revenue decline.)
o 2019 and 2020 federal tax return
o For businesses that do not file CRS reports and have not yet filed a 2020 federal tax return, please email LEDA@nmfa.net for more information.
• Copy of the rental, lease, or mortgage agreement term sheet that evidences past, current, and future payments due
• Proof of rent, lease, or mortgage payment for the entity’s place of business in New Mexico.
Acceptable documents include a bank statement, canceled check, credit card receipt, or ACH transfer.
• Front and back of a government-issued photo ID with the address of the authorized officer
• Copy of the DWS ES903A report from December 31, 2020 or March 31, 2021 to evidence the lowest number of employees, plus a supplemental payroll report that includes total hours for all employees to correspond with the DWS ES903A chosen to evidence the lowest employee count.
• Copy of the DWS ES903A report from any time period between January 2019 and September 2020 to evidence the highest number of employees, plus a supplemental payroll report that includes total hours for all employees to correspond with the DWS ES903A chosen to evidence the highest employee count.