The New Mexico Legislature passed HB-11, which funds a new covid-recovery business grant program, among other things.

Grants aim to help businesses significantly impacted by Covid-19 with rent, lease, and mortgage obligations in exchange for job creation.

The program will be administered by The New Mexico Finance Authority under the leadership of the NM Economic Development Dept.  To be eligible, per the statute, businesses:

• must pay taxes to the state of New Mexico
• be current on state and local tax obligations
• have one to 75 employees per location
• prove a decline in revenues from taxable year 2019 to taxable year 2020

Funds must be spent on rent, lease, or mortgage obligations, and grants are tied to the incremental rehiring of employees. Read the final bill here.

Join the webinar May 6 at 10:30 am or view the slide deck here after the webinar.