State stepping in with $400 million of financial support of its own
Gov. Michelle Lujan Grisham on August 5 opened the state’s checkbook to small-business owners in need of a load to help weather the coronavirus-created financial crisis.
“This is a cornerstone of our state’s response to the economic crisis unleashed by the COVID-19 pandemic,” the governor said in a news release. “Businesses across our state have suffered as a direct result of the public health emergency – customers are concerned about safety, employees are worried about their well-being and our economy has been battered. The state’s wealth can be put to no better purpose right now than the assistance of so many dedicated business-owners, whose lives and livelihoods have been upended, who have done everything they can to keep customers and workers and our communities safe. I will continue to deliver everything in my power to New Mexicans who continue to fight this virus and work to stay afloat.”
The $400 in money is coming from the New Mexico State Severance Tax Fund. According to the governor, “The loan program is limited to businesses and nonprofits with 2019 annual gross revenue of less than $5 million and whose 2020 April and May income dropped 30 percent or more compared to the same month in 2019. The New Mexico Finance Authority is administering the Small Business Recovery Loan Fund.”
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