New Mexico introduces Small Business Recovery Act of 2020

New Mexico introduces Small Business Recovery Act of 2020

New Mexico introduces Small Business Recovery Act of 2020
Reading Time: < 1 minute(Last Updated On: July 8, 2020)

This new loan program (not grant) organized by the New Mexico Finance Authority will provide relief aid for small businesses and nonprofits in New Mexico that meet the following criteria:

  • Forced to close or reduce operations because of a public health order
  • Saw at least a 30% decline in revenue for April and May 2020 (as compared to the same months in 2019)
  • Had revenue of less than $5 million for 2019

Loan amounts can be up to 200% of your business’s average adjusted monthly expenses from 2019 and cannot exceed $75,000. Applications are set to open August 3, 2020.

Learn more here.

Disclaimer: The information contained in this article is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The author accepts no responsibility for any consequences whatsoever arising from the use of such information.