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New Mexico COVID-19 Loan and Relief

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COVID-19 Loan and Relief

State resources

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COVID-19 Loan and Relief

An Employer’s Guide to Navigating the Coronavirus

Team Management

Most states have issued their own guidance and relief programs for employers and employees in response to the coronavirus. Search for your state in the spreadsheet for the latest list of resources available to you locally. Here are a few highlights from impacted states:

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 working capital, inventory, payroll, and more.
COVID-19 Loan and Relief

Federal government actions

Congress, the White House, and other federal agencies have been taking swift action to provide rapid financial relief to small businesses. Additional actions are likely in the coming days and weeks, and we will update you when those federal actions become final.

  • The Federal Reserve has announced that it will cut interest rates to 0% and take additional steps to stabilize the economy.
  • The Small Business Administration (SBA) has been given authority to issue $7 billion in loans for disaster relief. Through this authority, the SBA can provide up to $2 million in disaster loans to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of COVID-19. Check the SBA website to see if your area has been declared eligible for disaster loan assistance.
  • The Secretary of the Education will be waiving interest on all student loans held by the Federal Government.

Private relief programs 

Private corporations around the country are also finding ways to support small businesses, either through funding or free use of their services.

  • Facebook has launched a small business grants program offering $100 million in cash grants and ad credits for up to 30,000 small businesses. 
  • UberEats is waiving delivery fees for all orders from independently-owned restaurants to keep them in business as many cities begin to mandate closure of storefronts.
  • Amazon created a $5 million Neighborhood Small Business Relief Fund to provide cash grants to local small businesses that will be impacted by fewer customers due to COVID-19. The fund is intended to support small businesses with fewer than 50 employees or less than $7 million in annual revenue located near Amazon’s Seattle office weather the outbreak.
  • Google has rolled out free access to its advanced Hangouts Meet video-conferencing capabilities to all G Suite customers until July 1 so businesses can stay connected with their teams and vendors.

https://gusto.com/blog/business-finance/coronavirus-relief-resources

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