On behalf of the Department Of Finance And Administration And The Economic Development Department:

On behalf of the Department Of Finance And Administration And The Economic Development Department:

We have 72 hours to do everything we can to help our local businesses!

As most of you know, the federal stimulus guidelines were rolled out yesterday. There is $350 billion allocated to small businesses. However, the SBA told us yesterday during a webinar for NM businesses that this money is on a FIRST COME FIRST SERVE basis. This money will go quickly and we need to do everything we can to get it to New Mexico businesses.

We urge you to encourage your staff (that is not on the front line and swamped) to each reach out to 5 local businesses in their communities and tell them about the Economic Injury Disaster Loans (EIDL) and the Paycheck Protections Program (PPP). The first is a forgivable advance program up to $10,000 that can be distributed in 3 days to the company; and the second, a larger loan program has an interest rate of .5% and is deferrable for 6 months. Choose your favorite local bakery, bike shop or yoga studio.

Companies can apply through the SBA at: https://disasterloan.sba.gov/ela/
Or through the SBDC, a SBA resource partner. They are offering instruction and guidance on how to apply.
They have 19 offices across NM and are super helpful.

The site is: www.nmsbdc.org

We can always help at EDD. Our website is: www.go.nm.biz
It lists our cell phones and we are #2 on the State Hotline.

We also have two loan programs which businesses can utilize and there is no time limit.

Also please urge businesses to be a part of our “BUY TODAY FOR TOMORROW” campaign and register their company at: www.buynmlocal.com

Community members can buy vouchers from local companies to use later when businesses open