Author Archives: Admin

‘Tis the Season

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New Mexico businesses rely on the support of local consumers all year, but the holidays are especially critical for many small and local merchants, particularly those on Main Street. Customers who shop locally support small community businesses and the people who work for them. They also keep tax money in the community, where it can be recycled and multiplied to pay for first responders, parks, and community centers. It’s an important proposition because many cities, towns, and villages derive as much as 85 percent of their annual revenue from gross receipts tax (GRT) proceeds.

Not sure where to start your holiday shopping? A number of organizations have created lists of locally-made products and vendors. Here are a few:

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New Mexico Tax Holiday Coming

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State law encourages holiday shoppers in New Mexico to buy from local merchants on the Saturday after Thanksgiving by providing a one-day gross receipts tax (GRT) exemption on qualifying purchases under $500. The law gives locals an incentive to support small, independent storefront retailers. For small businesses that have 10 or fewer employees, it’s a chance to give customers a discount without giving up revenue.

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Recovery Grant Program Coming to an End

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The New Mexico Finance Authority, which manages the state’s Small Business Recovery Grant program, is accepting applications until December 7, 2021.

The pandemic recovery grant program was authorized by the New Mexico Legislature in the 2021 regular session to assist businesses that suffered financial hardship during the pandemic. Grants are tied to job creation, and funds must be used as reimbursements of rent, lease or mortgage payments. 

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Confused About Gross Receipts Tax Changes?

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Effective July 1, 2021, New Mexico changed Gross Receipts Tax (GRT) regulations to “destination sourcing,” which requires most businesses to calculate and report GRT based on where their goods or the product of their services are delivered. Prior to July 1, New Mexico used “origin-based sourcing” in which most GRT was reported at the seller’s place of business.

To help businesses navigate the new rules, the Economic Development Department is hosting a webinar by the New Mexico Taxation and Revenue Department to provide insight and answer questions about how businesses can comply.

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Conference Aims to Help Manufacturers Adapt, Plan Future

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New Mexico Manufacturing Extension Partnership (New Mexico MEP) is hosting a virtual conference October 26 through 29 to arm manufacturers with information to help them move beyond today’s supply chain, workforce, and other issues that pose challenges to production.

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DreamSpring Commits to Expanded Lending

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The nonprofit lender DreamSpring has embarked on a 5-year plan to escalate its annual impact ten-fold over the organization’s 2019 lending levels by increasing its focus on entrepreneurs of color, low- and moderate-income entrepreneurs, people with disabilities, and other groups that are often underserved or marginalized.

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Grant Refresh for Sandoval County Businesses

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The Sandoval County Board of Commissioners has added money to its CARES Grant pandemic relief program — now referred to as ARPA (American Rescue Plan Act) — that was offered to local businesses last year. Pandemic-impacted businesses located in Sandoval County, including the City of Rio Rancho, towns of Bernalillo and Cuba, and Village of Corrales, may apply for a grant of up to $20,000.

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Grants Offered for Global Expansion

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The U.S. Small Business Administration State Trade Expansion Program (STEP) helps small businesses expand by increasing their revenue through global trade. Business owners interested in exporting their products can apply to the New Mexico Economic Development Department Office of International Trade (OIT) for assistance with strategies designed to increase small business exports. The OIT also makes available grant funds from SBA STEP for expenses such as tradeshow booth fees, trade missions, and other export-related activities.

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