New Mexico Business Owners Helping Business Owners

If you’re overwhelmed with searching for resources to help your business at this time, here’s a community curated resource to help you focus on your organization. It’s laid out in a way that simplifies the processes as best as possible.

We’re in this Together.

Community Curated Resources for Business Owners

DISCLAIMER: Below are some resources compiled for the COVID-19 economic injury. Please know all information was summarized by several community sources. We encourage you to go directly to the agency for the most accurate information.

CARES Act Analysis: Personal and Business Provisions

Important CARES information analyzed by Atkinson CPA: Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. In addition to the summary of IRS actions and...

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The Long Check List of Finance and Tax Help

Thanks to our friends at Atkinson & Co. here's a giant checklist to help you find out where to go and what paperwork to fill out: As information continues to flow in, and as professionals everywhere are being bombarded with questions about the various programs...

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Help Us Curate What Business Owners Need to Know

Do you have a community resource or piece of information  you’re looking for? Please send us a note, as we will carefully curate information for business owners to use.

COVID - tax & HR Info

With the quickly changing environment with tax relief, paid sick leave and payroll adjustments from the government, here’s some resources and updates to read up on.

NM - Tax & Rev: Income Tax Extensions

Phew! From New Mexico Taxation and Revenue – 

Personal Income Tax – 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.

Corporate Income Tax – 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.

Click their one-sheeter explanation here.

NM - Unemployment: The Employee Unemployment Guide

If you’ve had the unfortunate situation of laying off or reducing hours for employees, give this one-sheet to your employees as a guide on filing for unemployment. 

Employees have noted that the website is a faster way to file, rather than calls at the moment.

Fed: Emergency Paid Sick Leave

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

Source and One-Sheeter explanation here.


Mar. 27: More clarification listed by DOL here.

FED - Dept. of Labor: Employee Rights Poster

A poster created by the Department of Labor to explain the paid sick leave issue to your employees.

Click here to download.

Fed - IRS: Compliance changes / Tax Relief

Tax Relief: Central location for any questions related to the IRS and their changes with the COVID-19 relief bill.

Click here for IRS.gov

Compliance Changes: IRS has made some temporary changes on the following:

  • Installment Agreements
  • Offers in Compliance
  • Non-Filers
  • Liens and Levys
  • … and more

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EMERGENCY LENDING

Confused about where to go about lending options? We’ve compiled some of the resources that you can reach out to on your own.

UPDATED: The SBA Disaster Loan Application

AKA: SBA’s Economic Injury Disaster Loans

The application became incredibly easy. Click here to apply – https://covid19relief.sba.gov/

NM Economic Development Loan Guarantee

“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

  • First, identity a lender. NMEDD put this list together to help. 
  • Once you’ve found someone, then fill this out.
Find a Lender for PPP

Many banks in the area are NOT SBA approved lenders. SBA has a location-specific list to help businesses: Click Here

covid-19 - Economic Development

Find all links related to the COVID-19 economic development help, updates through the State of New Mexico’s various departments. Information from the Feds here too.

Summary of Coronavirus Aid, Relief and Economic Security (CARES) Act

The American Society of Association Executives put this one-sheeter together to explain the massive bill that’s relevant to us. Download the PDF here.

NM's Economic Rapid Response Taskforce

This collaborative is between the Economic Development, Workforce Solutions and Tourism departments, working directly with the Office of the Governor. 

They’re offerring help with economic recovery. Here’s the questionnaire you can fill out if you don’t know which department to go to.

(Editor’s note: Don’t know what will happen after you send this questionnaire in.)

NM - Must Watch Webinars

New Mexico leaders did a super helpful webinar that overviews where to go and who to talk to.

Click here to watch Economic Development’s Explanation of the Loan Guarantee

Watch the webinar for ALL small business resources

NM - LEDA Funding

From NM Idea:

Local Economic Development Act (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

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More Resources to come! 

Curated by the

Business Community

It’s impossible for us to keep up with all the resources for business in New Mexico. That’s why we’re asking you to help us curate what we should consider a business resource. Submit a link or document now.

WE NEED RESOURCES FOR

Starting a Business

Internships

Workforce Development

Lending and Capital

Business News

Marketing and Advertising

Creating Jobs

… and more!