San Juan County issued the following announcement on Oct. 29.
More businesses are now eligible to receive grant funding through the New Mexico Small Business Continuity Grant. Requirements from the State of New Mexico have been loosened to include businesses that employ up to 100 people and have annual revenue of up to $5 million.
Initial restrictions set by the State of New Mexico limited the businesses which were eligible. As of Wednesday, the State of New Mexico has released new guidance to government organizations, however, the funding must be spent before the end of the year.
Additionally, a new tier of funding is available. Businesses that employ 51-100 employees are eligible for up to $15,000 in funding.
The cities of Aztec, Bloomfield, and Farmington, Town of Kirtland, and San Juan County applied for and have been awarded more than $3.9 million to be distributed to small businesses that have been affected by the coronavirus pandemic.
The governmental entities will receive the Federal CARES Act funds on a reimbursement basis from the State of New Mexico out of a total of $50 million available statewide. Businesses that apply, and are approved, will also receive funding on a reimbursement basis.
Businesses are eligible for funds from the governmental organization to which they are registered, on a first-come, first-serve basis and contingent upon eligibility. Many businesses have applied and have already been awarded funds. Pending available funds, applications will be accepted through December 1.
Businesses must hold a valid business registration or license to apply for funding. The requirement to be in operation as of March 1, 2019, has been lifted, however, there are more strict guidelines to prove that there was a loss of revenue. The businesses must fill out a form, provide some basic information, and meet basic criteria to be eligible. The grants will be up to $15,000 per business, based on the number of full-time equivalent employees currently working.
To qualify, businesses must be located in San Juan County New Mexico, Aztec, Bloomfield, Farmington, or Kirtland, have 100 or fewer full-time equivalent employees and have annual revenue of $5 million or less before the impact of the pandemic. Businesses with between one and ten employees may apply for up to $5,000, businesses with 11 to 50 employees may apply for up to $10,000 and businesses with 51 to 100 employees may apply for up to $15,000. Not-for-profit organizations that meet the criteria may also apply. Grant funds must be spent on eligible “Business Continuity” and/or “Business Redesign” expenses.
Business Continuity Grant Funding may be spent on non-owner employee payroll, rent, scheduled mortgage payments, insurance, utilities, marketing, and other fixed expenses related to the operation of the business. Business Redesign Grant Funding may be spent on items such as installing plexiglass barriers, purchasing web-conferencing, or other technology to facilitate work-at-home, personal protective equipment for employees, reconfiguring physical spaces or adding temporary structures to meet All Together New Mexico COVID-Safe guidelines.
Grantees will be required to submit receipts for expenditures to receive reimbursement under these grants. Expenditures can be incurred anytime from March 1, 2020, to December 30, 2020, based on CARES Act requirements and Coronavirus Relief Fund Guidelines.
For information about the grant process, including dates that applications will be accepted, please contact the individual entity.
Aztec: www.aztecnm.gov
Bloomfield: www.facebook.com/BloomfieldNM
Farmington: www.fmtn.org
Kirtland: www.facebook.com/townofkirtlandnm
San Juan County: www.SJCounty.net/BizGrant
Original source can be found here.
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