Critical Small Business Resources During COVID -19
Dear Santa Fe Business Partner,
This is a deeply troubling time as we see and experience the disruption being felt by the hospitality industry nationwide, and especially here at home in Santa Fe. Our country is in the grip of a virus and its impact has touched us all professionally and personally. While we can take some guidance from the past situations we’ve weathered, the uncertainty of the unknown and the level of upheaval in all aspects of our lives is certainly unprecedented.
We know the level of economic chaos you are experiencing is draining in a time of considerable uncertainty. But what you have built still has a strong foundation, and while it may be put to the test at this time, we know we will emerge on the other side—stronger than ever.
As we traverse through these difficult times together, here are a few helpful resources for our small business community.
STAYING HEALTHY: The Centers for Disease Control and Prevention has published testing guidelines to help individuals and health care professionals make decisions about who needs to be tested.
SMALL BUSINESS: The CARES Act, the largest economic relief package in our nation’s history, was signed into law on March 27 and includes major provisions to deliver economic support to travel businesses, travel workers and their families.
- Small Business Administration Coronavirus Economic Injury Disaster Loans (EIDL)
New Mexico is one of the first states to be approved for the SBA’s $50 billion disaster loan assistance program. Disaster loan assistance will be available for businesses in all 33 counties. Press release issued 3/17/20.
- Small Business Administration Express Loans
- Emergency Stabilization Fund (Federal Reserve Facilities and Programs)
- Small Business Administration Debt Relief for New and Existing Loans
- Economic Relief for Airports and Tourism and Delay on REAL ID Enforcement
COVID-19 Business Loan Guarantee Program
Lenders and borrowers can apply here. Or Download a PDF version of the application. Contact: Johanna Nelson, [email protected] or 505.469.6204
LEDA Zero-Percent Interest Loans
Contact: Mark Roper, [email protected] or 575.562.0327
If your small business or nonprofit has been impacted, you can consider applying for a loan from the Small Business Administration here. You can locate your local satellite office here.
UNEMPLOYMENT: If you lost your job or lost income because of the coronavirus pandemic, you may be eligible for Unemployment Insurance benefits. New Mexico has issued an emergency order waiving certain requirements for unemployment insurance to assist workers whose hours have been reduced or who have been laid off because of the COVID-19 public health emergency.
MISCELLANEOUS: Personal Income and Payroll Tax Extension
New Mexicans now have an extra 90 days to file and pay their 2019 personal income taxes in recognition of the economic hardships many are facing as a result of the COVID-19 pandemic. Taxpayers will have until July 15 to file and pay any taxes due.
The Families First Coronavirus Response Act expands access to emergency paid sick leave to as many as 87 million U.S. workers, and extends paid family leave to ensure that workers can care for their children without sacrificing their paycheck. Many of these workers currently have no paid leave and are being forced to choose between their paycheck, their health, and the health of the people around them. This is a critical step toward protecting families’ financial security and mitigating the spread of the coronavirus. Eligibility:
Full fact sheet from House Appropriations here.
ADDITIONAL RESOURCES: For the latest updates from the New Mexico Department of Health, click here.
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