The NM Finance Authority has announced guidelines pertaining to the Small Business CARES Act grant program that was authorized by the New Mexico Legislature during the second special session of 2020. The guidelines make clear that time is of the essence. Applications will only be accepted until 12:00 noon MST Friday, Dec. 18. The Finance Authority anticipates opening the application process the week of Dec. 7, giving it just 11 days to allocate the entire $100 million fund.

Eligible businesses and nonprofits can employ no more than 100 people and must be at least 51 percent owned by New Mexico residents. Grant funds may be used for regular business expenses that cannot be paid without additional assistance due to revenue losses because of the pandemic. Applications are open to businesses and nonprofits, whether or not they have already received other grants and loans.

Forty percent of the $100 million allocation has been set aside for businesses in rural locations. Businesses in the hospitality and leisure industries will be given priority.

Grant amounts are based on the number of people employed by a business, as reported in quarterly wage reports to the New Mexico Dept. of Workforce Solutions. Grants range from $2,000 for a business with no employees to $50,000 for a business with 76 to 100 employees.

All of the details and the application (available week of Dec. 7, 2020) can be found at the New Mexico Finance Authority website.