New Mexico Association of Commerce and Industry
ACI is a driving force that unites the New Mexico business community to make our state a leader in industry, innovation, economic competitiveness and overall quality of life.
New Mexico Department of Workforce Solutions
During a press event on March 13, Secretary McCamley announced that Department of Workforce Solutions will allow employees who have had to cut their hours due to coronavirus to claim partial unemployment benefits. This is an attempt to prevent layoffs. Employees will need to complete weekly certification to claim benefits, but the usual requirement of providing proof that one is looking for work will be waived.
COVID-19 Business Loan Guarantee Program
The New Mexico Economic Development Department (NMEDD) has created a program to assist businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19. NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000. Loan proceeds are flexible and can be used for (and not limited to) the following: working capital, inventory and payroll.
Small Business Administration (SBA)Businesses in New Mexico impacted by COVID-19 are now eligible to apply for low-interest federal disaster loans up to $2 million through Small Business Administration. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.