Nearly half of entrepreneurs anticipate needing additional help in the next 12 months
SANTA FE, N.M., July 28, 2020—Gov. Michelle Lujan Grisham’s announcement yesterday that she is dedicating $50 million from the federal CARES Act for small-business grants was applauded by New Mexico’s leading small-business association today.
“She didn’t have to carve out money for small businesses, that she did is commendable,” said Jason Espinoza, New Mexico state director for NFIB. “Governor Grisham understands that the nation’s economic recovery will start on Main Street not Wall Street, and her commitment could not have come at a better time, because more than 70 percent of small-business owners have used up their Paycheck Protection Act loans.”
Her announcement yesterday came the same day NFIB released the latest poll of its members, showing, among other things, that:
- Almost half (46%) of PPP loan borrowers also anticipate needing additional financial support over the next 12 months.
- About 23% of small business owners report that they will have to close their doors if the current economic conditions do not improve over the next six months.
- Twenty-one percent of small business owners anticipate having to make layoffs in the next 12 months.
Click here to read all the results from NFIB’s 28-question poll.
The application process for applying for small business grants is contained in the news release issued by the governor’s office. “I am pleased that this grant money is available to support restaurants, retailers, and other small businesses in New Mexico that have been impacted by the emergency,” said the governor.
Keep up with the latest New Mexico small-business news at www.nfib.com/new-mexico.
For more than 77 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
NFIB New Mexico