NM Depts to Work Together Register for Topics Covered Below

Dear Business Community,

As the economic landscape quickly evolves, we want to respond to the business community as quickly as possible. In this spirit, we forged a cross-agency collaborative called the Economic Rapid Response Taskforce. This collaborative is between the Economic Development, Workforce Solutions and Tourism departments, working directly with the Office of the Governor.

Together, a clearinghouse was developed to enhance communications during this critical time.  Please submit your business questions, challenges, and feedback through the Business Rapid Response online submission form.  All submissions will be reviewed and filtered to the appropriate agency for timely response.  Click here to submit.  We appreciate your participation, as it will support economic recovery efforts across the state.

The Economic Rapid Response Taskforce will continue to focus on recovery, serving the needs of the business community.  Below is an update of the most recent recovery efforts.  Moreover, the Office of the Governor is working hand-in-hand with New Mexico’s congressional delegation and New Mexico’s state legislators.

Thank you in advance for your participation.
Sincerely,

Alicia J. Keyes 
Cabinet Secretary
Economic Development Department

Bill McCamley
Cabinet Secretary
Department of Workforce Solutions

Jen Paul Schroer
Cabinet Secretary
Tourism Department

Daniel Schlegel
Small Business Advisor
Office of the Governor

COVID-19 ECONOMIC RESPONSE

**All programs can be found: newmexico.gov, in the Jobs & Economy section.
UNEMPLOYMENT
Unemployment Insurance Benefits Expanded for COVID-19
Eligibility for unemployment benefits extended to workers whose hours are reduced or who are laid off, including due to temporary business closures, because of the COVID-19 public health emergency. Under a previously announced emergency provision to the Unemployment Insurance (UI) rules, the work search requirement for affected workers has been waived for up to four weeks by the Department of Workforce Solutions. This allows employees at businesses that close temporarily to access benefits without having to search for a new position while they wait for their employers to restart operations.

• Online by going to the New Mexico Workforce Connection Online System at www.jobs.state.nm.us.
• ​By phone at 1-877-664-6984

LOAN PROGRAMS
Small Business Administration – Economic Injury Disaster Loans (EIDL) (federal)
New Mexico is one of the first states to be approved for the SBA’s $50 billion disaster loan assistance program. Disaster loan assistance will be available for businesses in all 33 counties. Press release issued 3/17/20.

• SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance
• The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible (request for financial forms to make assessment of cash flow and asset). The interest rate is 2.75% for non-profits
• Long-term repayments in order to keep payments affordable, up to a maximum of 30 years.
• Website: SBA.gov/disaster. 1-800-659-2955 or email disastercustomerservice@sba.gov
• Expected processing time: 2 – 3 weeks followed by 5 days for first disbursement

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.
Lenders and borrowers can apply here. Or Download a PDF version of the application.
Contact: Johanna Nelson, Johanna.Nelson@state.nm.us or 505.469.6204.
LEDA Zero-Percent Interest Loans

• Limited to expenditures for land, building and infrastructure
• Can be used for lease abatement or mortgage assistance
• Company must be a qualified entity (manufacturer, non-retail service business with more than 50% of revenue generated out of state, or a retail business in a community of less than 15,000 in population)
• All loans will be required to provide security equal to the amount of the loan

Contact: Mark Roper, Mark.Roper@state.nm.us or 575.562.0327

MISCELLANEOUS
Personal Income and Payroll Tax Extension
New Mexicans now have an extra 90 days to file and pay their 2019 personal income taxes in recognition of the economic hardships many are facing as a result of the COVID-19 pandemic. Taxpayers will have until July 15 to file and pay any taxes due.
The deadline for 2019 corporate income taxes also will be extended until July 15. In addition, the state is extending deadlines for employers to remit withholding taxes.
For more information, please visit the Tax and Revenue Department’s fact sheet here.
Emergency Paid Sick Leave and Paid Family Leave (federal)
The Families First Coronavirus Response Act expands access to emergency paid sick leave to as many as 87 million U.S. workers, and extends paid family leave to ensure that workers can care for their children without sacrificing their paycheck. Many of these workers currently have no paid leave and are being forced to choose between their paycheck, their health, and the health of the people around them. This is a critical step toward protecting families’ financial security and mitigating the spread of the coronavirus.
Sick Leave: full-time employees are entitled to two weeks (80 hours) of fully paid time off (up to $511 per day) to self-quarantine, seek a diagnosis or preventive care, or receive treatment for COVID-19
Family Leave: Eligible full-time employees and part-time employees are entitled to 12 weeks of job-protected leave to take care for their children in the event of a school closure or their child care provider is unavailable due to COVID-19.
Eligibility:

• Employees at companies with fewer than 500 employees
• State and local government employees and certain federal government employees
• Employees who work under a multiemployer collective agreement and whose employers pay into a multiemployer plan

Full fact sheet from House Appropriations here.